The Financial Intelligence Centre (FIC) is South Africa’s national centre for the gathering, analysis and dissemination of financial intelligence. It is an entity of the National Treasury under the National Government of South Africa.
The Financial Intelligence Centre was established to identify proceeds of crime, combat money laundering, and the financing of terrorism and, in so doing, has a primary role to protect the integrity of South Africa’s financial system.
The Entity was established by the FIC Act 38 of 2001 and reports to the South African Minister of Finance and to Parliament.
The Financial Intelligence Centre is mandated to:
- Identify the proceeds of crime, combat money laundering, and terror financing
- Supervise and enforce compliance with the FIC Act
- Share information with law enforcement authorities, supervisory bodies, intelligence services, the South African Revenue Service (SARS), and other local and international agencies
- Facilitate effective supervision and enforcement by supervisory bodies
- Formulate and lead the implementation of policy regarding money laundering and the financing of terrorism
- Provide policy advice to the Minister of Finance
- Uphold the international obligations and commitments required by the country in respect of anti-money laundering and combating financing of terrorism (AML/CFT).
The FIC Act introduces a regulatory framework of measures that requires certain categories of business to take steps regarding client identification, record-keeping, reporting of information and internal compliance structures.
All businesses have to report various suspicious transactions to the Financial Intelligence Centre. It also receives additional financial data from accountable and reporting institutions. The Entity uses this financial data and available data to develop financial intelligence. It is able to make this intelligence available to law enforcement, police, and tax authorities for follow-up investigations.
On 1 December 2010, amendments to the Financial Intelligence Centre were promulgated, which required that all accountable and reporting institutions register with the FIC. Furthermore, the Act gave the Financial Intelligence Centre and supervisory bodies the authority to inspect and impose administrative penalties on non-compliant businesses. The Act also introduced an appeals process and an appeal board.
South Africa is a member of the Financial Action Task Force, the international body which sets standards and policy on anti-money laundering and for combating the financing of terrorism (AML/CFT). The Financial Intelligence Centre currently leads the South African delegation of various government departments to the Eastern and Southern Africa Anti-Money Laundering Group, which aims to support countries to implement the global AML/CFT standards.
The Financial Intelligence Centre is a member and current chair of the Egmont Group, which is made up of financial intelligence units from 147 countries around the world. The primary aim of the organisation is to facilitate cooperation and sharing of financial intelligence information among its members.
Overseeing Department/Entity
Office Bearers/Management
Director
- Adv Pieter Smit (Acting)
Chief Financial Officer
- Ms Veronica MarshSmit
Senior Management
- Mr Pieter Alberts (Acting Executive Manager: Shared Forensic Capability)
- Ms Priya Biseswar (Manager: Monitoring and Analysis)
- Ms Marine Burdette (Senior Operations Manager: Monitoring and Analysis)
- Mr Ettiene Cronje (Head: Programme Management Office)
- Ms Panna Kassan (Head: Communications)
- Mr Macs Maboka (Executive Manager: Corporate Services)
- Grace Madilonga (Head: Human Resources)
- Mr Xolile Majija (Head: Corporate Legal Services, Governance and Compliance)
- Mr Christopher Malan (Executive Manager: Compliance and Prevention)
- Mr Philemon Mashapa (Head: Performance Monitoring and Evaluation)
- Mr Bongani Mbewu (Chairperson: Audit and Risk Committee)
- Mr Oniel Rajnund (Senior Operations Manager: Compliance and Prevention)
- Mr Motlatsi Ramoshu (Senior Operations Manager: Monitoring and Analysis)
- Mr Aaron Shongwe (Head: Information and Communications Technology)
- Mr Pieter Smit (Executive Manager: Legal and Policy)
Contact Details
The contact details of the Financial Intelligence Centre (FIC) are listed in the table below.
| Postal Address: | Private Bag X177, Centurion, 0046 |
| Telephone: | 012 641 6000 |
| Website: | www.fic.gov.za |
