The Financial Intelligence Centre (FIC) intends to place much more stringent reporting obligations on car dealerships because they are regarded as prime targets for illicit financial activity.

The role of the FIC is to combat money laundering and terrorism financing and it requires that accountable and reporting institutions submit financial reports to it as well as reports on suspicious financial transactions. After analysis of these reports the FIC may refer a financial intelligence report to the relevant authorities for investigation and possible prosecution.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now