https://sputnikglobe.com/20230401/south-africa-sets-up-unit-to-fight-financial-crimes-in-bid-to-get-off-fatfs-watchlist-1109033791.html
South Africa Sets Up Unit to Fight Financial Crimes In Bid to Get Off FATF's Watchlist
South Africa Sets Up Unit to Fight Financial Crimes In Bid to Get Off FATF's Watchlist
Sputnik International
The South African Financial Intelligence Center (FIC) has set up a forensic entity to assist the government in fighting corruption and prosecuting complex financial crimes, Christopher Malan, center's executive manager said.
2023-04-01T17:20+0000
2023-04-01T17:20+0000
2023-04-01T17:20+0000
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cyril ramaphosa
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The South African Financial Intelligence Center (FIC) set up a forensic unit to assist the government in fighting corruption and prosecuting complex financial crimes, as part of an effort to remove the country from the FATF's watchlist, Christopher Malan, the center's executive manager, told the media on March 31.The unit, which is opening on Saturday, will complement the Financial Intelligence Center's structure and expedite asset confiscation and prosecutions.According to Malan, the FIC is authorized to help ferret out criminal proceeds and combat money laundering, terrorism financing and the proliferation of weapons of mass destruction.Malan said the National Treasury has allocated 265.3 million South African rand to the FIC, which the agency will use to hire staff for the forensic unit and its expanded oversight role.Malan outlined that the Centre is "looking at close to 60,000 entities [FIC] would have to bring into the net," and the goal is to have all of them registered by December this year.To provide more accurate data on company and trust ownership structures, Malan said, the FIC's corporate registry — the Companies and Intellectual Property Commission, which manages around 2.1 million active legal entities, will initiate a beneficial ownership registry next week, subject to all the regulations being passed.The global watchdog, the Financial Action Task Force, graylisted South Africa on February 24 this year. According to the organization, the country fails to live up to international standards in tackling money laundering and other financial crimes.Commenting on the Paris-based watchdog's decision, South African President Cyril Ramaphosa emphasized that the situation was "less dire than some suggest", adding that the country was ready to address the issue.
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cyril ramaphosa, south africa, southern africa, financial intelligence center, fight fiscal crimes, money laundering, financial crimes, forensic unit, christopher malan, fighting corruption, prosecuting financial crimes, financial action task force (fatf)
cyril ramaphosa, south africa, southern africa, financial intelligence center, fight fiscal crimes, money laundering, financial crimes, forensic unit, christopher malan, fighting corruption, prosecuting financial crimes, financial action task force (fatf)
South Africa Sets Up Unit to Fight Financial Crimes In Bid to Get Off FATF's Watchlist
On February 24 this year, the Financial Action Task Force (FATF) added South Africa to its so-called "gray list", with the global watchdog assessing the African nation as one that fails to fulfill international standards in tackling financial crimes.
The South African Financial Intelligence Center (FIC) set up a forensic unit to assist the government in fighting corruption and prosecuting complex financial crimes, as part of an effort to remove the country from the FATF's watchlist, Christopher Malan, the center's executive manager, told the media on March 31.
The unit, which is opening on Saturday, will complement the Financial Intelligence Center's structure and expedite asset confiscation and prosecutions.
According to Malan, the FIC is authorized to help ferret out criminal proceeds and
combat money laundering, terrorism financing and the proliferation of weapons of mass destruction.
Malan said the National Treasury has allocated 265.3 million South African rand to the FIC, which the agency will use to hire staff for the forensic unit and its expanded oversight role.
"The lion's share of the funding will go toward increased oversight capacity," he said.
28 February 2023, 15:51 GMT
Malan outlined that the Centre is "looking at close to 60,000 entities [FIC] would have to bring into the net," and the goal is to have all of them registered by December this year.
"The FATF needs us to report on this early next year," he stressed.
To provide more accurate data on company and trust ownership structures, Malan said, the FIC's corporate registry — the Companies and Intellectual Property Commission, which manages around 2.1 million active legal entities,
will initiate a beneficial ownership registry next week, subject to all the regulations being passed.
"The regulations are in the final stage of drafting," FIC executive manager noted. "We are hopeful they will be considered on Monday and, with that, the CIPC will have the legal mandate to receive beneficial ownership information from companies."
The global watchdog, the Financial Action Task Force, graylisted South Africa on February 24 this year. According to the organization, the country fails to live up to international standards in tackling money laundering and other financial crimes.
Commenting on the Paris-based watchdog's decision, South African President
Cyril Ramaphosa emphasized that the situation was "less dire than some suggest", adding that the country was ready to address the issue.
"The challenge facing authorities is to anticipate criminal innovation and to respond swiftly and effectively. We have a focused action plan in place to address the remaining deficiencies identified by the FATF. Most of these relate to the implementation of our laws," the president stated.
