Trade-based money laundering through documentary credits: A compliance and legal risk analysis for South African banks

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Trade-based money laundering through documentary credits: A compliance and legal risk analysis for South African banks

Author: Tsanangurai Makuyana

ISSN: 2521-2575
Affiliations: Legal Officer, Manicaland State University of Applied Sciences, Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 1 – 29
https://doi.org/10.47348/JCCL/V10/i1a1

Abstract

Trade-based money laundering (TBML) poses a significant risk to the global financial system, with documentary credits being a common yet complex channel for illicit financial flows. This article examines the compliance and legal risks associated with TBML through documentary credits for South African banks, which operate within a dynamic regulatory environment influenced by both domestic and international anti-money laundering (AML) frameworks. The article evaluates the vulnerabilities in trade-finance transactions, including misrepresentation of goods, over- and under-invoicing, and fraudulent documentation. It further assesses the effectiveness of South Africa’s current regulatory and enforcement mechanisms in mitigating these risks, considering the Financial Intelligence Centre Act (FICA) and international standards set by the Financial Action Task Force (FATF). By analysing case studies and compliance challenges faced by banks, the article proposes enhanced due diligence measures, and regulatory reforms to strengthen AML controls. The findings contribute to the broader discourse on combating TBML and offer practical recommendations for banks, regulators, and policymakers in South Africa to improve detection and prevention strategies.

Cross-border insolvency in the age of globalisation: Harmonising domestic laws with international best practices

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Cross-border insolvency in the age of globalisation: Harmonising domestic laws with international best practices

Author: Chengeto Natty Kazangarare

ISSN: 2521-2575
Affiliations: Legal Researcher, University of Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 30 – 54
https://doi.org/10.47348/JCCL/V10/i1a2

Abstract

The accelerating pace of globalisation has intensified cross-border commercial transactions, inevitably increasing the incidence of cross-border insolvency. As such, while domestic insolvency laws remain fragmented, businesses and creditors increasingly operate across multiple jurisdictions, raising complex legal questions about the recognition and coordination of insolvency proceedings.1 This article critically examines the challenges and prospects of harmonising domestic insolvency laws with international best practices. It begins by outlining the conceptual foundations of cross-border insolvency, focusing on the tension between universalist and territorialist approaches. The analysis then turns to the role of international instruments, particularly the UNCITRAL Model Law on Cross-Border Insolvency and regional frameworks such as the European Union Insolvency Regulation, evaluating their effectiveness in promoting legal certainty and cooperation among courts. Drawing on landmark cases and comparative insights, the article highlights persistent obstacles, including jurisdictional conflicts, public policy exceptions, and political resistance to the harmonisation of insolvency laws. In response, the article proposes pragmatic recommendations for achieving greater harmonisation, including broader adoption of international standards, regional cooperation initiatives, and the integration of emerging technologies to streamline cross-border insolvency processes. Ultimately, the article argues that fostering a coherent and predictable cross-border insolvency framework is essential not only for creditor protection but also for sustaining confidence in the global commercial ecosystem.

Social security in Nigeria: A comparative perspective

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Social security in Nigeria: A comparative perspective

Author: Philip A Folarin

ISSN: 2521-2575
Affiliations: Associate Professor, Department of Commercial and Industrial Law, University of Lagos
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 55 – 88
https://doi.org/10.47348/JCCL/V10/i1a3

Abstract

This paper critically examines the state of social security in Nigeria, focusing on its legal and institutional framework, implementation challenges, and alignment with international best practices. Social security is an essential tool for economic stability and social justice, yet Nigeria faces persistent challenges in ensuring comprehensive and effective coverage for its citizens. The paper analyses constitutional provisions alongside statutory instruments such as the Pension Reform Act (PRA), the Employees’ Compensation Act (ECA), and the Nigeria Social Insurance Trust Fund (NSITF). Particular attention is given to the transition from the Workmen’s Compensation Act to the ECA, which marked a shift from lump-sum payments to periodic compensations. By comparing Nigeria’s system with those of South Africa and Kenya, the paper highlights practical lessons and strategies for improvement. Additionally, it evaluates Nigeria’s compliance with International Labour Organization (ILO) conventions and the integration of international standards into local policies. The findings reveal critical gaps in the existing framework, institutional inefficiencies, and underutilisation of global best practices. The paper concludes with recommendations for reform, emphasising the need for robust enforcement mechanisms, institutional accountability, and a greater alignment with international standards to ensure a more inclusive and effective social security system in Nigeria.

Artificial intelligence and the reconfiguration of collective bargaining: Legal implications for employees in Zimbabwe

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Artificial intelligence and the reconfiguration of collective bargaining: Legal implications for employees in Zimbabwe

Author: Noah Maringe

ISSN: 2521-2575
Affiliations: Dean, Faculty of Law, Zimbabwe Ezekiel Guti University, Zimbabwe
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 89 – 105
https://doi.org/10.47348/JCCL/V10/i1a4

Abstract

The right to engage in collective bargaining is essential for maintaining harmonious industrial relations in Zimbabwe. Nevertheless, it is encountering new challenges due to the emergence of artificial intelligence. The existing legal framework has not been updated to address the swift progress in this technology. This situation also applies to the primary stakeholders involved in the collective bargaining process. A significant number of these individuals, particularly those who are less experienced, may find themselves vulnerable to their employers, who can predominantly depend on decisions made by artificial intelligence in the context of collective bargaining. Furthermore, several traditional principles that have guided and influenced the evolution of the right to collective bargaining for many years, such as the obligation of good faith, may not retain their current form without being entirely consumed by the relentless surge of technological progress. Moreover, the strength of trade unions is also being challenged, as job losses resulting from the application of artificial intelligence in the workplace can negatively impact their membership size. Consequently, comprehensive measures should be implemented to ensure that only the beneficial aspects of artificial intelligence are encouraged while its detrimental effects are mitigated. Thus, this article undertakes a qualitative analysis of the current legal framework and the impact of artificial intelligence before coming up with recommendations to enhance the right to collective bargaining in Zimbabwe.

Balancing the regulation of foreign direct investment to achieve environmental sustainability in Nigeria’s oil and gas sector

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Balancing the regulation of foreign direct investment to achieve environmental sustainability in Nigeria’s oil and gas sector

Author: Amajuoritse Oritsetimeyin Ebijuwa

ISSN: 2521-2575
Affiliations: Salford Business School, University of Salford, Manchester, United Kingdom
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 106 – 125
https://doi.org/10.47348/JCCL/V10/i1a5

 

Abstract

This paper critically examines the regulation of Foreign Direct Investment (FDI) within Nigeria’s oil and gas sector, emphasising the enduring tension between economic exploitation and environmental sustainability. The historical trajectory of FDI in Nigeria’s petroleum industry, particularly in the post-independence era, reveals a deep-seated economic dependency on oil revenues, with FDI playing a pivotal role in state finance and national development narratives. Yet, this reliance has exposed structural weaknesses in Nigeria’s legal and regulatory architecture, notably through frameworks such as the 1986 Nigerian Investment Promotion Act (NIPA) and the more recent Petroleum Industry Act (PIA) of 2021. While both instruments aimed to modernise and liberalise the sector, they arguably continue to prioritise multinational corporate interests, often to the detriment of environmental integrity and local community welfare. Nigeria’s regulatory framework has struggled to embed sustainability and accountability in practice. My analysis extends this critique, arguing that reforms remain largely superficial, failing to address deeper structural issues at the heart of the country’s FDI strategy. Unless Nigeria adopts a radically reoriented legal and institutional framework that embeds environmental accountability at its core, it will remain caught in a cycle of extractive dependency undermining both national development and ecological sustainability. International investment agreements further constrain regulatory autonomy, reinforcing investor protections at the expense of environmental standards. In response, this paper advocates a bold recalibration of Nigeria’s FDI policy, integrating enforceable Environmental, Social, and Governance (ESG) principles with stronger institutional capacity. Comparative models, such as Norway’s regulatory approach, demonstrate how economic growth can be reconciled with environmental justice, an imperative if Nigeria is to avoid perpetuating unsustainable patterns of resource exploitation.

Promoting and Prioritising Financial Inclusion in Southern Africa: A Contemporary Law and Economics Perspective

by | Dec 15, 2025 | JCCL, JCCL V10 I1

Promoting and Prioritising Financial Inclusion in Southern Africa: A Contemporary Law and Economics Perspective

Author: Sharon Munedzi-Qankase

ISSN: 2521-2575
Affiliations: North-West University
Source: Journal of Corporate and Commercial Law & Practice, Volume 10 Issue 1, 2024, p. 126 – 127
https://doi.org/10.47348/JCCL/V10/i1a6

 

Abstract

None

Unilateral Amendments in E-Commerce B2C Contracts of Necessity: Legal and Ethical Implications for Vulnerable Consumers in South Africa

by | Dec 9, 2025 | SAMLJ, SAMLJ V37 I3

Unilateral Amendments in E-Commerce B2C Contracts of Necessity: Legal and Ethical Implications for Vulnerable Consumers in South Africa

Author: Clayton Rewayne George

ISSN: 1996-2185
Affiliations: Junior Lecturer at the Vaal University of Technology
Source: South African Mercantile Law Journal, Volume 37 Issue 3, 2025, p. 257 – 279
https://doi.org/10.47348/SAMLJ/v37/i3a1

Abstract

This study examines the legal and ethical implications of unilateral amendments in e-commerce business-to-consumer (B2C) contracts of necessity in South Africa, with a focus on vulnerable consumers. As online transactions become increasingly prevalent, businesses often reserve the right to unilaterally modify contract terms, potentially disadvantaging consumers who rely on essential services. The research employs a qualitative approach, analysing relevant legislation, case law, and scholarly literature to assess the current regulatory framework governing such amendments. Findings reveal significant gaps in consumer protection, particularly for vulnerable groups who may lack alternatives or the capacity to fully understand complex contractual changes. The study argues that existing laws inadequately address the power imbalance between businesses and consumers in the digital marketplace, particularly in relation to essential services. Recommendations include strengthening legislative safeguards, enhancing transparency requirements for amendments, and implementing measures to ensure fair and reasonable changes to contract terms. This research contributes to the ongoing discourse on consumer rights in the digital age and provides insights for policymakers, legal practitioners, and businesses that seek to balance commercial interests with ethical considerations and consumer protection in South Africa’s evolving e-commerce landscape.

Perspectives on the Lapse of Integrity in Wealth Management and Financial Advisory Institutions in South Africa

by | Dec 9, 2025 | SAMLJ, SAMLJ V37 I3

Perspectives on the Lapse of Integrity in Wealth Management and Financial Advisory Institutions in South Africa

Author: Sharon Munedzi-Qankase

ISSN: 1996-2185
Affiliations: Postdoctoral Research Fellow, Centre for Banking Law, University of Johannesburg
Source: South African Mercantile Law Journal, Volume 37 Issue 3, 2025, p. 280 – 298
https://doi.org/10.47348/SAMLJ/v37/i3a2

Abstract

This paper explores the importance of promoting and sustaining integrity in financial institutions and among the personnel entrusted with the management of other people’s wealth, for example trustees. Fiduciary responsibilities and trusteeship are prevalent in many financial systems globally. As such, it is essential for financial institutions to promote good ethical conduct so as to maintain public trust, curb financial malpractice and safeguard the overall integrity of the financial markets. Prior to addressing the risks emanating from the lack of integrity in the financial sector, it is essential to identify the underpinning elements that contribute to the lapse of integrity. The lack of integrity in financial institutions and their relevant personnel often results in conflicts of interest, corruption, lack of transparency and regulatory oversight. This paper argues that promoting and maintaining integrity in the management of other people’s wealth is not merely a regulatory obligation but also a moral imperative. Robust regulatory mechanisms and fostering a culture of ethics and accountability in the financial sector could address the root causes of integrity breaches and financial malpractices. Considering the interconnectedness of the financial space, cross-border coordination and the establishment of international best practices to enhance integrity are indispensable. This paper proposes proactive international cooperation and collaboration to enable early identification of emerging risks and coordinated responses globally. An environment that motivates self-reporting of potential misconduct and protects whistleblowers, could rectify ethical lapses promptly. The author explores the potential of technologies such as artificial intelligence and block chain as measures to enhance transparency and security in wealth management.

Development, Innovation and the Fourth Industrial Revolution (4IR): An Ethno-Legal Analysis

by | Dec 9, 2025 | SAMLJ, SAMLJ V37 I3

Development, Innovation and the Fourth Industrial Revolution (4IR): An Ethno-Legal Analysis

Authors: Mzukisi Njotini & Alizwa Zisile

ISSN: 1996-2185
Affiliations: Dean of the Faculty of Law, University of Fort Hare; LLD Candidate in the Faculty of Law, University of Fort Hare
Source: South African Mercantile Law Journal, Volume 37 Issue 3, 2025, p. 299 – 317
https://doi.org/10.47348/SAMLJ/v37/i3a3

Abstract

Scholarly views diverge on how the law or legal rules should satisfactorily regulate the 4IR or 4IR technologies and algorithms. Some scholars postulate that because the 4IR develops rapidly the law should consequently be tightened to control the ever-changing character of these innovations. This exists because of the propensity of the technologies developing beyond state or government control. With this development, legal rules prove to be insufficient to manage the 4IR and control its algorithmic outcomes. Accordingly, regulators will often resort to, amongst others, over-regulations and dumb regulatory structures. The latter signifies frameworks which are not established from the proper understanding of the technologies to be regulated. They fail to provide adequate solutions to the whole technology regulatory agenda. Therefore, the contribution hypothesises that legal rules are not the solitary mechanism to the overall study of technology regulations. The way the 4IR intersects with ethics is essential to the creation of a smart way of regulating, that is, Smart Regulations. Smart Regulations accept that the essence of regulating is not championed though a single state actor. Instead, regulations are a collaborative (consumers, state, and stakeholders) process that enjoins regulators to scrutinise the ethical behaviour of the 4IR and 4IR technologies.

From Protection to Exclusion? The Paradox of Pre-Contractual Affordability Assessments for Low-Income Mortgage Applicants in South Africa

by | Dec 9, 2025 | SAMLJ, SAMLJ V37 I3

From Protection to Exclusion? The Paradox of Pre-Contractual Affordability Assessments for Low-Income Mortgage Applicants in South Africa

Authors: Nzumbululo Silas Siphuma & Babongile Sibusisiwe Bophela Molekane

ISSN: 1996-2185
Affiliations: Senior Lecturer, Department of Jurisprudence, Unisa College of Law; Director, Bophela Molekane Inc Attorneys
Source: South African Mercantile Law Journal, Volume 37 Issue 3, 2025, p. 318 – 331
https://doi.org/10.47348/SAMLJ/v37/i3a4

Abstract

This article examines the unintended exclusionary consequences of pre-contractual affordability assessments under the National Credit Act 34 of 2005 (NCA), with a particular focus on low-income consumers seeking mortgage finance. While the NCA aims to promote responsible lending and protect consumers from reckless credit, its implementation has produced structural barriers that limit access to housing finance for those most in need. The article demonstrates that affordability assessments, while protective in intent, often reproduce inequality by privileging consumers with formal income, established credit histories, and high levels of financial literacy. The central contribution of this article is to show that the current regime, although legally compliant, is substantively unjust because it systematically excludes low-income households from access to mortgage credit. It argues that this exclusion undermines s 26 of the Constitution and South Africa’s international obligations to progressively realise the right to adequate housing. To address these challenges, the article proposes reforms aimed at recalibrating affordability assessments toward substantive equity. These include recognition of informal income and collective household contributions, the development of inclusive credit scoring models, the integration of financial literacy into the lending process, shared-risk models between the state and private lenders, and strengthened transparency obligations. By advancing these reforms, the article contributes to debates on how consumer credit regulation can balance protection with inclusion, thereby aligning mortgage finance with South Africa’s constitutional and developmental objectives.