Financial Crime World

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Financial Intelligence Centre (FIC) Objectives and Functions

The Financial Intelligence Centre (FIC) plays a crucial role in preventing and combating money laundering, terrorist financing, and other financial crimes in South Africa. In this article, we will summarize the objectives and functions of the FIC as per the Financial Intelligence Centre Act (FICA), Chapter 1.

Objectives

The principal objective of the FIC is to:

  • Identify Proceeds of Unlawful Activities: Assist in identifying proceeds from unlawful activities such as money laundering, terrorist financing, and proliferation financing.
  • Combat Money Laundering and Terrorist Financing: Combat money laundering activities, financing of terrorist and related activities, and proliferation financing activities.
  • Implement Financial Sanctions: Implement financial sanctions pursuant to resolutions adopted by the Security Council of the United Nations.

Other objectives include:

  • Facilitate Administration and Enforcement of Laws: Make information available to investigating authorities, intelligence services, and other relevant bodies to facilitate administration and enforcement of laws.
  • Freeze Property and Transactions: Administer measures requiring persons to freeze property and transactions pursuant to financial sanctions.
  • Produce Forensic Evidence: Produce forensic evidence based on specialized scientific methods and techniques.
  • Exchange Information with Similar Bodies: Exchange information with similar bodies in other countries regarding money laundering activities.

Functions

To achieve its objectives, the FIC must:

  • Process and Analyze Information: Process, analyze, and interpret information disclosed or obtained under the Act.
  • Initiate Analysis: Initiate analysis based on information in its possession or received from other sources.
  • Inform and Advise: Inform, advise, and cooperate with investigating authorities, intelligence services, and other relevant bodies.
  • Enforce Compliance: Supervise and enforce compliance with the Act or any directive made in terms of the Act.

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