Global Anti Money Laundering landscape

South Africa’s anti-money laundering and combating of terror financing framework is part of a global system, and the FIC maintains a strong focus on strengthening its international collaboration. We are working towards the next mutual evaluations to be conducted by the Financial Action Task Force (FATF) (see box below on the global financial intelligence network).

At a regional level, the FIC continued its collaborative efforts in partnership with neighbouring countries to improve their anti-money laundering processes. Four delegations from countries in the region visited the FIC during the year to observe its work. We have begun partnering with newly founded financial intelligence units (FIUs) to help them apply for membership in the Egmont Group of FIUs (see box below on the global financial intelligence network).

In July 2013, the FIC hosted the 21st Egmont Group Plenary at Sun City. The meeting agreed to a Charter for the Egmont Group, setting out the organisation’s objectives and members’ responsibilities. The meeting elected the Director of the FIC to chair the Egmont Group for a two-year term from July 2013.