---
title: "'Gold Mafia' kingpin Mo Khan's Salt Asset Management prevented from doing further business"
description: "The Financial Sector Conduct Authority has clamped down on yet another provider, just one day after releasing an annual regulatory report showing the strength of its clout."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "BELOW THE SALT"
author: "Neesa Moodley"
author_url: "https://www.dailymaverick.co.za/author/neesa-moodley/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-04-19-no-mo-dollars-salt-asset-management-under-investigation-prevented-from-doing-further-business/"
published: "2023-04-19T21:29:45"
updated: "2023-04-20T18:18:00"
lang: "en-ZA"
word_count: 220
---

# 'Gold Mafia' kingpin Mo Khan's Salt Asset Management prevented from doing further business

> The Financial Sector Conduct Authority has clamped down on yet another provider, just one day after releasing an annual regulatory report showing the strength of its clout.

By Neesa Moodley · Published 19 April 2023, 23:29 SAST · Updated 20 April 2023, 20:18 SAST

## Key points
- Salt Asset Management's licence has been provisionally withdrawn by the FSCA following adverse findings during an inspection and media reports linking the company to money laundering activities. The FSCA is now considering these allegations in a serious light.
- FSCA provisionally withdraws Salt Asset Management's operating licence
- FSCA finds contraventions of Financial Intelligence Centre Act
- Reports of potential money laundering and associated activities being considered by FSCA
- Al Jazeera report links Salt Asset Management to "Gold Mafia" exposé

## Content

Salt Asset Management’s operating licence was provisionally withdrawn by the FSCA yesterday, effectively preventing the company from conducting any further business in the financial services sector, including financial services to clients or on behalf of any financial product provider.

A statement from the Financial Sector Conduct Authority (FSCA) says the decision follows adverse findings following an FSCA site inspection between 29 November 2022 and 1 December 2022. During the inspection, the FSCA noted several contraventions of the Financial Intelligence Centre Act, in addition to previous contraventions during its ongoing supervision of Salt.

The regulator also noted that it is aware of recent media reports suggesting the potential involvement of Salt Asset Management in certain money laundering and associated activities.

“These allegations are viewed in a very serious light and are currently being considered by the FSCA,” the statement notes.

The media reports referred to include a recent[“Gold Mafia”](https://www.aljazeera.com/news/2023/4/6/merchantingthe-code-word-for-the-gold-mafias-plunder) exposé by *Al Jazeera*, detailing the extent of money laundering scams in Zimbabwe and South Africa, which include[dubious dealings by Gold Leaf Tobacco](https://www.dailymaverick.co.za/article/2022-09-12-sasfin-gold-leaf-whatsapp-r3bn-dirty-money-washed-through/).

The *Al Jazeera* report fingers Mohamed Khan, also known as “Mo Dollars”, as the money laundering kingpin, working for (among others) tobacco magnate Simon Rudland of Gold Leaf Tobacco.

Khan is also the head of[Salt Asset Management and the PKSA Group](https://www.dailymaverick.co.za/article/2022-10-25-the-laundry-part-one-how-shape-shifting-money-launderers-infiltrated-sa-banks/). **BM/DM**