Foreign Exchange Law Advocates
What is Foreign Exchange law?
Foreign Exchange law relates to the various forms of controls imposed by government on the purchase and sale of foreign and local currencies. Exchange control in South Africa is dealt with in terms of the Currency and Exchanges Act, No. 9 of 1933 and the Regulations.
The exchange control system regulates the inward and outward flow of money in South Africa and it affects both individuals and companies. Due to its decentralised and global nature, the foreign exchange market has been prone to foreign exchange fraud.
Exchange control in South Africa is controlled by the South African Reserve Bank (SARB). The SARB, however, entrusts authorised dealers (banks) with ensuring that their customers comply with the various regulations that control the sending and receiving of funds across South African borders.