FIC reports R144m recovery from financial crime in 2024/25

THE Financial Intelligence Centre (FIC), the state institution that aims to combat financial crime by mostly monitoring millions of reports from 55 262 institutions in South Africa, says it recovered R144 million in proceeds from crime in 2024/25.

- EDWARD WEST

THE Financial Intelligence Centre said it has 55 262 institutions registered on its database, and these submitted more than 13.5 million regulatory reports in the year.

(Al Ron)

The FIC’s latest annual report shows this amount is 46% more than the preceding year. The FIC also claims to have blocked R157.5m as suspected proceeds of crime.

The report comes in an environment where suspected financial crime totaling billions of rand is reported almost daily in South Africa’s media, and most of these funds will likely have passed through the financial system.

The FIC said ithe 55 262 institutions registered on its database submitted more than 13.5 million regulatory reports in the year. Financial institutions are obliged by regulation to submit reports to the FIC of transactions they deem suspicious, as well as, for instance, transactions of more than R50m. Where necessary, financial intelligence reports are submitted to law enforcement and other authorities by the FIC for use in their investigations and prosecutions; the FIC does not conduct investigations.