Financial Intelligence Centre proves it's earning its keep
The FIC identifies proceeds of crimes such as money-laundering and tax fraud, and referred 1,470 matters for investigation in the year to end-March
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...
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