Financial Crime World

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South Africa’s Financial Intelligence Centre Cracks Down on Criminal Activity

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The Financial Intelligence Centre (FIC) has been tasked with identifying the proceeds of unlawful activities and combating money laundering, terrorist financing, and proliferation financing to make South Africa’s financial system intolerant to abuse.

Responsibilities of the FIC

  • Implementing financial sanctions in accordance with United Nations Security Council resolutions
  • Sharing information with law enforcement authorities, supervisory bodies, intelligence services, and other local and international agencies for effective supervision and enforcement
  • Identifying persons involved in money laundering, financing of terrorist and proliferation activities, and providing financial support to entities on targeted sanctions lists

Supervision and Enforcement

The FIC is also responsible for supervising and enforcing compliance with the FIC Act, which aims to prevent the misuse of South Africa’s financial system for illicit purposes.

Impact of the Centre’s Efforts

The Centre’s efforts have been hailed as a significant step in the fight against financial crime, helping to disrupt criminal networks and protect vulnerable individuals and communities.

Do You Need to Register?

If you are required to register with the FIC under the Financial Intelligence Centre Act, please visit our website for more information on how to do so.