Financial Intelligence Centre (FIC)

Contact Details

Postal: Private Bag X177, Centurion, 0046
Tel: 012 641 6000
Fax: 012 641 6215
Web:

Overview

The Financial Intelligence Centre (FIC) is South Africa’s national centre for the gathering, analysis and dissemination of financial intelligence. The FIC was established to identify proceeds of crime, combat money laundering, and the financing of terrorism and, in so doing, has a primary role to protect the integrity of South Africa’s financial system. The Entity was established by the FIC Act 38 of 2001 and reports to the Minister of Finance and to Parliament.

The FIC’s mandate is to: identify the proceeds of crime, combat money laundering, and terror financing; supervise and enforce compliance with the FIC Act; share information with law enforcement authorities, supervisory bodies, intelligence services, the South African Revenue Service, and other local and international agencies; facilitate effective supervision and enforcement by supervisory bodies; formulate and lead the implementation of policy regarding money laundering and the financing of terrorism; provide policy advice to the Minister of Finance; and uphold the international obligations and commitments required by the country in respect of anti-money laundering and combating financing of terrorism (AML/CFT).

The FIC Act introduces a regulatory framework of measures that requires certain categories of business to take steps regarding client identification, record-keeping, reporting of information and internal compliance structures. All businesses have to report various suspicious transactions to the FIC. It also receives additional financial data from accountable and reporting institutions. The Entity uses this financial data and available data to develop financial intelligence. It is able to make this intelligence available to law enforcement, police, and tax authorities for follow-up investigations.

On 1 December 2010, amendments to the FIC were promulgated, which required that all accountable and reporting institutions register with the FIC. Furthermore, the Act gave the Entity and supervisory bodies the authority to inspect and impose administrative penalties on non-compliant businesses. The Act also introduced an appeals process and an appeal board.

South Africa is a member of the Financial Action Task Force, the international body which sets standards and policy on anti-money laundering and for combating the financing of terrorism (AML/CFT). The FIC currently leads the South African delegation of various government departments to the Eastern and Southern Africa Anti-Money Laundering Group, which aims to support countries to implement the global AML/CFT standards.

The FIC is a member and current chair of the Egmont Group, which is made up of financial intelligence units from 147 countries around the world. The primary aim of the organisation is to facilitate cooperation and sharing of financial intelligence information amongst its members.

Office Bearers/Management

Director:
Mr Murray Michell
Chief Financial Officer:
V MarshSmit
Senior Management:
M Maboka (Executive Manager: CS)
C Malan (Executive Manager: CAP)
N Mewalall (Executive Manager: M&A)
P Smit (Executive Manager: L&P)
Communications Officers:
Panna Kassan (Head: Communications)

Financial Information

All Financial Values: R'0002015/162014/152013/142012/13
 
AUDIT OUTCOMEFinancially UnqualifiedFinancially UnqualifiedFinancially UnqualifiedFinancially Unqualified
 
FINANCIAL POSITION
Current Assets50 88138 96645 55649 422
Non-Current Assets76 75783 76596 22836 206
Total Assets127 638122 731141 78485 628
Current Liabilities27 51321 47649 60320 314
Non-Current Liabilities15 11514 6344 717204
Total Liabilities42 62836 11054 32020 518
Total Net Assets85 01086 62187 46465 110
 
FINANCIAL PERFORMANCE
Total Revenue242 553214 595244 791198 619
Revenue from Exchange Transactions2 3751 513-1 305
Revenue from Non-Exchange Transactions240 178213 082244 791197 314
Total Expenditure(243 772)(215 159)(221 383)(196 644)
Employee Costs(136 844)(122 007)(130 580)(117 335)
Surplus/(Deficit) for Year(1 611)(843)22 6341 906
 
CASH FLOW
Net Cash Flows from Operating Activities37 1638 97074 683(14 207)
Net Cash Flows from Investing Activities(22 331)(14 377)(79 078)(13 741)
Cash & Cash Equivalents at End of Year49 54434 90540 57719 651
 
UIFW EXPENDITURE
Unauthorised Expenditure----
Irregular Expenditure64614969-
Fruitless & Wasteful Expenditure478-287
 
HUMAN RESOURCES
Posts Approvedn/an/an/an/a
Posts Filledn/an/an/an/a
 
SourcesAnnual ReportAnnual ReportAnnual Report n/a

Overseeing Department/Entity

Annual Reports


The information in this directory is supplied and/or externally sourced and is also subject to continual change. If you notice any errors or omissions, please contact us at info@nationalgovernment.co.za so that we can correct them.
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