Financial Crime World

FIC Embarks on Organisational Re-Design, Digital Journey Yields Positive Results

The Financial Intelligence Centre (FIC) has undergone a significant transformation through an organisational re-design and digital journey, resulting in the successful implementation of Robotic Process Automation (RPA), workflow process re-engineering, and staff re-skilling/upskilling.

Objectives

The re-design aimed to equip FIC staff with the necessary technological skills to fully leverage the benefits of technological advancements. The digital journey has enabled the centre to streamline its operations, enhance efficiency, and improve its ability to detect and prevent financial crimes.

Notable Achievements

  • Increased Analysis and Law Enforcement Agency & Prosecutorial Support engagements: A significant increase in engagements (x 242)
  • Workshops and Training: Participation in 9 workshops reaching 226 participants from various law enforcement agencies and competent authorities
  • Criminal Investigations Linked to FIC Intelligence Disclosures: Linking of 47 criminal investigations to FIC Intelligence disclosures, resulting in 135 million tax assessments raised
  • Forfeiture Orders: Forfeiture orders worth N$11.4 million
  • Spontaneous Disclosures: 215 spontaneous disclosures made to law enforcement agencies and competent authorities
  • Suspicious Transaction Reports (STRs): An increase in STRs from 1003 in 2022 to 1150 in 2023

Governance

The centre’s governance structure is responsible for overseeing its operations, risk management, and compliance. The Minister of Finance and the Council are responsible for ensuring the FIC operates within its mandate. The FIC reports to these bodies on its outcomes and has established a Principal Risk Assurance Officer to enhance risk management processes.

Looking Ahead

The FIC plans to further automate its governance reporting through an automated system, which will enable it to provide more accurate and timely information to stakeholders. The centre is committed to continuing its digital journey, with a focus on improving its operational efficiency and effectiveness in detecting and preventing financial crimes.