Smith appeared before the Lephalale Magistrate's Court on Monday. The 52-year-old was charged with contravening the Exchange Control Regulations and the Customs and Excise Act.
Hawks spokesperson Capt Matimba Maluleke said Smith was not asked to plead and was remanded in custody until Thursday for a formal bail application.
Fouche is also expected to appear on Thursday for a bail application.
"The Hawks' investigation into the matter linked the second suspect [Smith], who had paid Fouche a visit at the holding cells," said Maluleke.
Editor's note: This story was updated to reflect details of Smith's arrest and court appearance. An earlier version had not named him as he had not yet appeared in court.