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Money Laundering & Fraud Prevention
Money laundering is the process of disguising the proceeds of crime as legitimate funds in order to avoid detection by authorities.
In South Africa, the Financial Intelligence Centre (FIC) is responsible for combating money laundering and terrorist financing.
Fraud is a significant challenge for the financial industry in South Africa, with criminals constantly devising new schemes to defraud customers and institutions of their money. Fraud can take many forms, including identity theft, credit card fraud, investment fraud, and cybercrime.
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The Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing.
Website: www.fatf-gafi.org
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Financial Intelligence Centre (FIC)
The Financial Intelligence Centre (FIC) exists to apply measures outlined in the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), which are intended to make the financial system intolerant to abuse. The FIC does this by working towards fulfilling its mandate of assisting in identifying the proceeds of crime, combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.
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South African Fraud Prevention Services (SAFPS)
SAFPS is an Non-Profit Organisation which aims to improve vigilance with regards to fraud, financial crime and identity theft by educating businesses and consumers about fraud, and assisting them to protect themselves.
Website: www.safps.org.za
Website: www.fic.gov.za
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