EDITORIAL: Haste sparks capture fears at Financial Intelligence Centre
FIC head Murray Michell is leaving, and the short window for applications to succeed him has set alarm bells ringing
The news that the head of the Financial Intelligence Centre (FIC), Murray Michell, will be leaving his post at the end of 2017 will undoubtedly have set alarm bells ringing. Michell, who has been at the helm of this critical institution of the Treasury for the past 14 years, has been an exemplary public servant. Among other things, the Financial Intelligence Centre monitors all financial transactions above a certain size, shares financial intelligence internationally and reports suspicious transactions to law enforcement agencies. The key rationale behind the legislation internationally is to monitor transactions that may be the proceeds of crime or money laundering or are being used to finance terrorism. In 2016, Michell guided the Financial Intelligence Centre Amendment Bill through Parliament, the focus of the bill being to compel financial institutions to conduct enhanced due diligence on politically exposed people. Despite objections from President Jacob Zuma, it was signed int...
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