The Financial Intelligence Centre has established a new unit and issued a directive that will impact employees.
South Africa’s Financial Intelligence Centre established a forensic unit to help the government fight corruption and prosecute complex financial crimes, part of an effort to have the nation removed from a global watchdog’s dirty-money watchlist.
Having forensic capacity will help ensure that matters can be taken to court quicker, especially when it comes to dealing with major corruption and state capture-related crimes, he said. An extended stay on the list may damage investor sentiment toward South Africa, leading to capital and currency outflows.A sustained increase in investigations and prosecutions of serious and complex money-laundering cases;
The National Treasury has allocated R265.3 million to the FIC, which the agency will use to hire staff for the forensic unit and its expanded supervisory role, Malan said.In December, the FIC’s purview was increased to include designated non-financial businesses and professions, such as property practitioners, casinos, gaming houses, trusts and crypto assets.
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