SA may give Fica more teeth
Shaun Benton
2 November 2005South Africa may review the Financial Intelligence Centre Act (Fica) to give it wider supervisory powers in the battle against money laundering and international terrorism.
Fica created the Financial Intelligence Centre, an affiliate of the international Financial Action Task Force (FATF), an international body currently headed by former South African education minister Kader Asmal.
Earlier this year Asmal indicated that he wished to strengthen capacity in southern Africa to implement the measures recommended by the FATF to counter international money laundering and the financing of terrorism.
Briefing the media in Cape Town on Wednesday on progress by the Cabinet's justice, crime prevention and security (JCPS) cluster, Safety and Security Minister Charles Nqakula said that from its inception in February 2003, the Financial Intelligence Centre had received 33 435 reports of suspicious financial transactions from reporting institutions, which included banks and other financial institutions.
"The regular reports are a positive outcome of the better coordination within the JCPS cluster, including other relevant government departments and structures such as the South African Revenue Service and the Assets Forfeiture Unit," Nqakula said.
Referring to South Africa’s hosting of intelligence counterparts from 14 southern and Eastern African countries over the past two days, Nqakula said, "It is our hope that the seed would have been planted during the sessions to build a solid foundation toward the establishment on the African continent of regimes to counter all financial transactions that relate to organised crime and terrorism."
He added that South Africa's JCPS cluster would strengthen its counter-measures with respect to money laundering and the funding of international terrorism.
"This may result in the review of Fica to give the Financial Intelligence Centre wider supervisory powers," he said.
Source: BuaNews
