29 November 2021 – On Friday we have communicated that as part of the Customs Modernisation Programme (CMP), authorised dealers in foreign exchange and currency, the South African Reserve Bank (SARB) and SARS are collaborating to combat illicit financial flows and customs valuation fraud associated with the misuse of advance foreign exchange payments in respect of goods to be imported.
A dedicated webpage was created today ‘Advance Import Payments’ where information will be hosted including a presentation to Industry, a letter to trade and on 3 December the new Guide and Policy will be added.
