The Financial Intelligence Centre plays a critical role in stamping out money laundering and the financing of terrorism
The Financial Intelligence Centre (FIC), which monitors financial transactions to detect possible criminal activity, contributed to the recovery of more than R5bn in criminal proceeds in the 2021/2022 financial year, according to its annual report tabled in parliament this week.
The centre’s role is to identify the proceeds of crime and assist in the combatting of money laundering and the financing of terrorism, which is high on the government’s agenda following the negative findings about SA’s regime by the Financial Action Task Force (FATF), the international body that sets standards for this. SA is at risk of being greylisted by FATF, which would have dire consequences for the economy, particularly for the financial sector...
