15.10.2025
Anthony Riem quoted in Daily Maverick’s article on ‘Asset Recovery — South Africa Not Alone in ‘Pay Back the Money’ Fight’
The article, based on insights from the 2025 Frontiers of Asset Recovery Conference on which PCB Byrne’s Senior Partner and asset recovery specialist, Anthony Riem was a contributing panelist, highlights that South Africa’s battle against financial fraud and corruption is part of a global struggle.
Legal experts from around the world emphasised that while South Africa has strong laws like the Prevention of Organised Crime Act (POCA), the real challenge lies in enforcement, political will, and institutional capacity.
Key takeaways include:
- Fraud is a global issue with criminals innovate faster than the law.
- South Africa’s corruption crisis is severe, but not unique with other nations facing similar challenges.
- South Africa’s was placed on the Financial Action Task Force (FATF) greylist in February 2023 due to poor enforcement, not because anti-money laundering laws are weak.
- The 1MDB scandal serves as a cautionary tale for South Africa as it considers establishing sovereign wealth funds, underscoring the need for robust oversight.
In quoting Anthony about the strategy involved in successful asset recovery claim, the Daily Maverick said he displayed the kind of wisdom that comes from decades in the trenches: “You are always looking for leverage to do a deal. And that, if I may, that’s why a freezing order is a starting gun because it gives you the ability to squeeze the fraudster in various directions”.
Anthony also noted that “AI is flattening the hierarchy pyramid in the legal profession (where an army of associates support the superstar prosecutors), but he fears that this instantaneous research could be compromising strategic thinking that is usually honed over years of interacting with cases."
You can read the full article here.
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