FIC South Africa has taken measures to combat financial crimes, including those related to digital assets and blockchain technology.
To this end, the agency has created a specialized forensic unit that will work in conjunction with existing FIC structures to assist law enforcement in financial crime investigations.
The director of the FIC, Christopher Malan, announced in a recent press interview that the unit will focus on monitoring financial transactions and combating money laundering, particularly in the high-tech area of digital asset circulation.
The government aims to gather accurate information on beneficial ownership to expedite the investigation of financial crimes and the confiscation of assets from violators.
In support of these efforts, the South African National Treasury has allocated R265.3 million (about $14 million) to the FIC, which will be used to recruit staff and expand its oversight capabilities.
This move comes after the Anti-Money Laundering Task Force (FATF) added South Africa to the “grey list” of countries that need to do more to combat money laundering and terrorism.