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FIC
 

 Our structure

 

The  FIC  is  a  statutory  body  that  operates outside  the  public  service,  but  within  the public administration, as envisaged in section 195  of  the  Constitution.  It is  registered  as  a  schedule 3A national public entity in terms of the Public Finance Management Act (1999). The Director of the FIC, who is also the accounting authority, reports  directly  to  the  Minister  of  Finance and to Parliament.

The FIC is composed of four departments:

  • Legal and Policy
  • Compliance and Prevention
  • Monitoring and Analysis
  • Corporate Services.
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Office of the Director

The Director is responsible for the FIC’s strategy and stakeholder relationships, and represents South Africa in international bodies such as the FATF, the ESAAMLG and the Egmont group.

Legal and Policy

The Legal and Policy department is responsible for:
  • Administering the FIC Act, including helping to draft amendments as necessary
  • Engaging with international and regional inter-governmental bodies
  • Co-ordinating the FIC’s technical assistance to countries in Southern and East Africa
  • Providing strategic policy advice on money laundering and terror financing, including improvements to the legislative framework.
Compliance and Prevention

The Compliance and Prevention department is responsible for overseeing supervision of and compliance with the FIC Act. This department co-ordinates the framework that ensures effective and efficient oversight by supervisory bodies and the FIC.

The department conducts inspections, both on its own and in support of supervisory bodies, to determine the level of compliance with the FIC Act.  It  monitors  and  gives  guidance  to  accountable  and  reporting  institutions,  supervisory bodies and others regarding their obligations.

It also manages a registration system for all accountable and reporting institutions. The department develops and issues guidance in  consultation  with  the  Legal  and  Policy  department, provides training to supervisory bodies,  and  enhances  compliance  awareness to combat money laundering and the financing of terrorism by engaging with affected entities.

Monitoring and Analysis

The Monitoring and Analysis department receives and analyses data used to identify the proceeds of crime, money laundering or the financing of terrorism.

The department works closely with law enforcement authorities, intelligence agencies, SARS and the private sector to combat crime, and provides support services for investigations on request. The department’s work also contributes to enhanced international co-operation.

Corporate Services

The Corporate Services department provides the FIC with all support services that enable the organisation to operate efficiently.

The department’s primary functions are financial and administrative management; supply chain management; facilities management; human resources; corporate legal services; planning, monitoring and evaluation; information and communications technology; enterprise architecture and project management.