The Financial Intelligence Centre
(FIC) was established in terms of the Financial Intelligence Centre Act
No 38 of 2001, which was amended in 2008. The FIC Act established the
FIC in 2003 to administer the FIC Act, as South Africa’s national centre
for the development of financial intelligence in accordance with
international standards and requirements.
The
FIC Act put in place a policy framework to combat money laundering and
the financing of terrorism. It places compliance obligations on
financial institutions and other businesses deemed vulnerable to money
laundering.
The FIC was established to:
- Identify the proceeds of unlawful activities
- Combat money laundering activities
- Combat the financing of terrorist and related activities
- Share
information with law enforcement authorities, supervisory bodies,
intelligence services, the South African Revenue Service (SARS) and
other local and international agencies
- Supervise and enforce compliance with the FIC Act
- Facilitate effective supervision and enforcement by supervisory bodies.
The
FIC Act lists various obligations applicable to certain categories of
financial institutions, including the requirement to register with the
FIC and to provide reports on certain types of transactions or
activities by the clients of these institutions. Both registration and
reporting are done on the FIC’s goAML EE online system which is accessed
here.
Mission
To establish and maintain an effective policy framework and operational capability to oversee compliance with the Financial Intelligence Centre Act, and to provide high-quality, timely financial intelligence for use in the fight against crime.
Vision
To be the leading player in aggressively combating money laundering and the financing of terrorism for the benefit of South Africa; to earn trust, respect and support based on the quality of financial intelligence that we provide; and to ensure loyalty and organisational sustainability by recognising the achievements of our staff.