As a crypto investor, I’ve just heard the news that a 35-year-old individual is under investigation in South Africa for suspected involvement in funding terrorist activities through digital currencies. The investigation continues, and it serves as a reminder of the importance of understanding and adhering to the laws and regulations surrounding crypto transactions.
A 35-year-old individual was taken into custody in South Africa for suspected involvement in financing terrorism activities through cryptocurrencies. The apprehension occurred at his Johannesburg residence on a Friday afternoon. After a thorough probe, the Hawks, South Africa’s top law enforcement unit, executed the arrest.
The initial examination of the issue took place in May 2018. The Financial Intelligence Centre (FIC) and the Hawks received information about potentially suspicious financial transactions, as stated by Hawks spokesperson Colonel Philani Nkwalase. It seemed that these transactions could be linked to terrorist financing activities. Consequently, the authorities launched an investigation into this matter.
In the course of my investigation on November 30, 2017, I discovered that the subject in question purchased Bitcoins valued at approximately R11,500. This transaction was executed through tissue, using Luno – a Virtual Asset Service Provider (VASP). The funds were transferred from his personal bank account to Luno’s custody account prior to this Bitcoin purchase. Subsequently, the acquired Bitcoins were moved from the subject’s Luno wallet to one belonging to an organization, which identified itself as an independent charity.
South African Police Investigate Bitcoin Payments for Terrorism
Further examination would reveal that the Bitcoin transaction was made in response to a request for financial assistance. This aid was solicited for purposes such as weapons procurement, funding, and initiatives aimed at aiding people residing in another nation. Moreover, it’s important to note that authorities suspected this financial aid might be linked to terrorism activities.
After obtaining a search warrant, authorities conducted a search on October 3, 2024, at the suspect’s residence in Sandton. During the search, several pieces of evidence were confiscated for further investigation. Additionally, it was found that the suspect’s two legally owned firearms were not stored securely as mandated by law. As a result, an additional charge was added to the initial violation concerning improper storage of weapons.
He’s scheduled to show up at Lichtenburg Magistrate’s Court on Monday. Lieutenant General Godfrey Lebeya, head of the Directorate for Priority Crime Investigation nationwide, mentioned that this case is significant. He also stated that local and global collaborators are discussing strategies to halt the transfer of illicit funds, according to him.
Yet, this instance is part of a growing body of evidence highlighting the misuse of cryptocurrency in illicit activities. As technology advances, law enforcement agencies have been, and will persistently work towards, preventing such criminal activities and identifying culprits. Our team and allies remain committed to uncovering and dismantling financial support networks for terrorists.
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2025-01-05 22:05