FIC director Xolisile Khanyile. Picture: VELI NHLAPO/SOWETAN
FIC director Xolisile Khanyile. Picture: VELI NHLAPO/SOWETAN

The Financial Intelligence Centre (FIC) referred 1,470 matters for further investigation in the year to end-March 2018, the organisation’s director Xolisile Khanyile says in the agency’s annual report tabled in parliament this week.

It also contributed to 2,243 local and foreign criminal investigations with the most prevalent type of crime it assisted with being fraud, followed by tax-related crimes, narcotics, money-laundering and corruption.

The FIC receives reports from accountable institutions — such as estate agents, insurance companies, banks, legal firms, car dealers, and so on — so as to identify the proceeds of crime and assist in the fight against money-laundering and the financing of terrorism. Institutions are required to report all cash transactions of R25,000 and more.

A total of 3,394 accountable and reporting institutions submitted a combined total of about 5.2-million reports last year. A total of 330,639 suspicious or unusual transaction reports were received by the FIC bringing the total received between 2002-2003 and 2017-2018 to more than 1.8-million.

The FIC received one terrorist property report last year.

Khanyile noted that over the past 15 years the FIC has blocked nearly R1.13bn as suspected proceeds of crime with more than R55m blocked in 2017-2018. It has also contributed to 170 judicial actions since inception (37 in 2017-2018) by providing affidavits on matters presented during court proceedings.

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