CATEGORIES
- (4) Negotiating Tax Debt and Payment Arrangements with SARS
- (2)Account / Profile
- (551)Accounting
- (2)Accounting and Finance
- (29)Audit
- (159)Auditing and Assurance
- (1)Business
- (1)Business Management
- (3)Business Rescue
- (103)CIPC
- (7)Compliance
- (18)Ethics and Professionalism
- (46)Financial Reporting
- (1)Government Funding Applications
- (4)Guides
- (1)Individuals Tax
- (28)Law
- (37)Legal and Compliance
- (2)Management
- (14)Miscellaneous
- (29)Money Laundering
- (1)Personal & Professional Development
- (2)Practice Management
- (2)Professional Ethics
- (3)Public Sector
- (145)Regulatory Compliance and Legislation
- (41)SARS Issues
- (29)Sustainability Reporting
- (42)Tax
- (1)Tax Update
- (9)Technology
- (1)Wills, Estates & Trusts
- Show All
FIC: Report on plant poaching
- 22 December 2025
- Money Laundering
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) in South Africa has published a significant report on the poaching of rare and indigenous succulents, specifically highlighting the financial aspects.
Article:
This report detailed the illicit trade and financial flows linked to the demand for unique plants like succulents, driven by collectors.
This report uncovers how participants in the succulent poaching value chain attempt to legitimize their illegal earnings through the financial system a critical vulnerability in their operations. It provides case studies, red-flag indicators, and practical guidance for law enforcement and financial institutions to disrupt these flows and protect biodiversity.
The species of succulent plants being targeted by poachers are increasingly scarce and rare, and they can only survive and thrive in their unique desert habitat. Researchers estimate that over the last few years, succulent poaching has increased annually by more than 250 %, with more than 1.5 million plants poached in the 3 years up to 2023 alone.
These activities are exposing the region and the country to biodiversity and socio-economic disaster on an incalculable scale. The criminality associated with poaching activities is pervasive and deep, and increasingly sinister. Undoubtedly, a range of role players from harvesters, transporters, couriers, export authorities, to sellers, buyers and many others are involved. That poaching activities continue, and are on the rise, is testimony to its profitability for role players involved.
Click here to download the 12-page document:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Financial Intelligence Centre Act (FICA) is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider amendments, regulations and guidance that are published by the FIC.
- As an accountant, you should be aware of the illicit trade and financial flows linked to the demand for unique plants like succulents, driven by collectors in the money laundering chain.
Relevance to Your clients:
- Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable.
- Relevant entities should be aware of amendments, regulations and guidance that are published by the FIC, as well as the illicit trade and financial flows linked to the demand for unique plants like succulents, driven by collectors in the money laundering chain.