Financial Crime World

The Financial Intelligence Centre (FIC) of South Africa

Introduction

The Financial Intelligence Centre (FIC) is the national centre for the gathering and analysis of financial data in South Africa. Established in 2003, the FIC plays a crucial role in safeguarding the integrity of the country’s financial system and its institutions.

Mandate of the FIC

The FIC’s primary mandate includes:

  • Identifying funds generated from crime: The centre works to track and identify illicit funds, ensuring that they are not laundered or used for nefarious purposes.
  • Combating money laundering: The FIC collaborates with law enforcement agencies and regulatory bodies to prevent and detect money laundering activities.
  • Countering terrorist financing: The centre focuses on identifying and disrupting financial flows that may be linked to terrorism.

Gathering and Analysis of Financial Data

To achieve its objectives, the FIC gathers and analyzes financial data from various sources, including:

  • Banks
  • Financial institutions
  • Other reporting entities

Key Areas of Focus

The FIC prioritizes several key areas, including:

Suspicious Transactions Reports (STRs)

The centre scrutinizes STRs to detect and prevent potential financial crimes.

Terrorist Financing

The FIC works to identify and disrupt financial flows linked to terrorism.

Money Laundering

The centre focuses on preventing and detecting money laundering activities.

Corruption and Bribery

The FIC aims to uncover and address instances of corruption and bribery.

Ponzis Schemes

The centre seeks to detect and prevent Ponzi schemes, which are investment scams that promise unusually high returns.

Stolen Student Loans

The FIC works to identify and recover stolen student loans, helping students who have been victims of financial crimes.

Trust Account Abuse

The centre focuses on preventing and detecting abuse of trust accounts, which can be used for illicit activities.

Collaboration with Stakeholders

The FIC collaborates closely with law enforcement agencies, regulatory bodies, and other stakeholders to prevent and detect financial crimes. This ensures that South Africa’s financial system remains intolerant to abuse.

Contact Information

For more information or assistance, please contact the Financial Intelligence Centre at: