Answer to Question #300663 in Finance for Andrick Angel

Question

What is the role of the financial intelligence center? How Is it effective? Are they in conflict with the drug Enforcement commission?

Answer 1

The FIC’s mandate is to: identify the proceeds of crime, fight money laundering, and terror financing; supervise and implement compliance with the FIC Act; share statistics with regulation enforcement authorities, supervisory bodies, talent services, the South African Revenue Service, and other nearby and worldwide agencies; facilitate effective supervision and enforcement via supervisory bodies; formulate and lead the implementation of policy regarding cash laundering and the financing of terrorism; furnish policy advice to the Minister of Finance; and uphold the worldwide duties and commitments required by means of the usa in admire 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 enterprise to take steps concerning customer identification, record-keeping, reporting of records and inside compliance structures. All businesses have to report a variety of suspicious transactions to the FIC. It also receives extra monetary information from in charge and reporting institutions. The Entity makes use of this financial records and available records to advance economic intelligence. It is capable to make this intelligence reachable to regulation enforcement, police, and tax authorities for follow-up investigations