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Financial Intelligence Centre Act 38 of 2001

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South Africa’s readmission to the international arena, the de-regulation of international markets and the advancement in communication technology has resulted in a dramatic escalation in organized crime and money laundering in South Africa.  The Financial Intelligence Centre (FIC), fights crime by monitoring the proceeds of crime and combats money laundering and financing of terrorism.  The FIC produces financial intelligence through the analysis of data on financial transactions.  This financial intelligence is then shared with a range of local and foreign law enforcement agencies and authorities.  Combating money laundering and the financing of terrorism is part of ensuring a sound and stable financial system characterized by integrity and expanded public access.


Prior to 1990 money laundering and related offences were only governed by the common law.  SA has since the early 1990’s endeavored to create a statutory framework and as part of the SA Government’s fight against money laundering the FICA was promulgated.  FIC was established in 2003 to administer the Financial Intelligence Centre Act (2001, as amended).  Financial crime affects every South African, directly or indirectly, by robbing individual resources or draining the funds available for the country’s development.


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