Is it working?
No action yet.
Actions
Unclear on developments.
Are there plans?
It appears to be not part of government's plans.
Is it on the agenda?
Zondo Commission recommendation.
Goals
The Zondo Commission recommended that the Financial Intelligence Centre undertake a study to determine if banks complied with their obligations to report suspicious state capture transactions.
Departments / Govt Institutions
Summary
The Financial Intelligence Centre (FIC) has been actively involved in conducting a comprehensive review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures as recommended by the Zondo Commission. The bank compliance review is intended to ensure that banks rigorously apply anti-money laundering and counter-terrorist financing measures, monitor and report suspicious transactions effectively, and demonstrate accountability and transparency in their operations.
View DetailsIs it working?
The FIC's review has shown some implementation gaps, but corrective actions are under way to improve efficiency and effectiveness of the regulatory and law enforcement response to financial crimes linked to corruption and state capture.
Actions
The 2025 progress report on implementation of State Capture Commission recommendations identifies the FIC’s review and enhanced enforcement as significant active measures contributing to ongoing anti-corruption efforts.
Are there plans?
Yes – FIC appointed independent attorneys in August 2022 to conduct the review, project plan and timelines set. There is ongoing collaboration with law enforcement and SOEs.
Is it on the agenda?
A Zondo commission recommendation, forms part of the Financial Intelligence Centre's strategy of comprehensively review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures.
Goals
The aim of the bank compliance review proposed by the Zondo Commission is to strengthen the regulatory oversight and internal controls of banks in SA to prevent their financial systems from being exploited so as to launder stolen state funds linked to corruption and state capture.
Departments / Govt Institutions
Summary
The Financial Intelligence Centre (FIC) has been actively involved in conducting a comprehensive review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures as recommended by the Zondo Commission. The bank compliance review is intended to ensure that banks rigorously apply anti-money laundering and counter-terrorist financing measures, monitor and report suspicious transactions effectively, and demonstrate accountability and transparency in their operations.
View DetailsIs it working?
The FIC's review has shown some implementation gaps, but corrective actions are under way to improve efficiency and effectiveness of the regulatory and law enforcement response to financial crimes linked to corruption and state capture.
Actions
The 2025 progress report on implementation of State Capture Commission recommendations identifies the FIC’s review and enhanced enforcement as significant active measures contributing to ongoing anti-corruption efforts.
Are there plans?
Yes – FIC appointed independent attorneys in August 2022 to conduct the review, project plan and timelines set. There is ongoing collaboration with law enforcement and SOEs.
Is it on the agenda?
A Zondo commission recommendation, forms part of the Financial Intelligence Centre's strategy of comprehensively review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures.
Goals
The aim of the bank compliance review proposed by the Zondo Commission is to strengthen the regulatory oversight and internal controls of banks in SA to prevent their financial systems from being exploited so as to launder stolen state funds linked to corruption and state capture.
Departments / Govt Institutions
Summary
The Financial Intelligence Centre (FIC) has been actively involved in conducting a comprehensive review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures as recommended by the Zondo Commission. The bank compliance review is intended to ensure that banks rigorously apply anti-money laundering and counter-terrorist financing measures, monitor and report suspicious transactions effectively, and demonstrate accountability and transparency in their operations.
View DetailsIs it working?
The FIC's review has shown some implementation gaps, but corrective actions are under way to improve efficiency and effectiveness of the regulatory and law enforcement response to financial crimes linked to corruption and state capture.
Actions
The 2025 progress report on implementation of State Capture Commission recommendations identifies the FIC’s review and enhanced enforcement as significant active measures contributing to ongoing anti-corruption efforts.
Are there plans?
Yes – FIC appointed independent attorneys in August 2022 to conduct the review, project plan and timelines set. There is ongoing collaboration with law enforcement and SOEs.
Is it on the agenda?
A Zondo commission recommendation, forms part of the Financial Intelligence Centre's strategy of comprehensively review of the effectiveness of the current regulatory reporting regime under the FIC Act, focusing specifically on banking compliance with anti-money laundering and counter-terrorism financing measures.
Goals
The aim of the bank compliance review proposed by the Zondo Commission is to strengthen the regulatory oversight and internal controls of banks in SA to prevent their financial systems from being exploited so as to launder stolen state funds linked to corruption and state capture.
Departments / Govt Institutions
Is it working?
No action yet.
Actions
Unclear on developments.
Are there plans?
It appears to be not part of government's plans.
Is it on the agenda?
Zondo Commission recommendation.
Goals
The Zondo Commission recommended that the Financial Intelligence Centre undertake a study to determine if banks complied with their obligations to report suspicious state capture transactions.
Departments / Govt Institutions
Is it working?
No action yet.
Actions
Unclear on developments.
Are there plans?
It appears to be not part of government's plans.
Is it on the agenda?
Zondo Commission recommendation.
Goals
The Zondo Commission recommended that the Financial Intelligence Centre undertake a study to determine if banks complied with their obligations to report suspicious state capture transactions.
Departments / Govt Institutions
Is it working?
No action yet.
Actions
Unclear on developments.
Are there plans?
It appears to be not part of government's plans.
Is it on the agenda?
Zondo Commission recommendation.
Goals
The Zondo Commission recommended that the Financial Intelligence Centre undertake a study to determine if banks complied with their obligations to report suspicious state capture transactions.
Departments / Govt Institutions
Is it working?
No action yet.
Actions
Unclear on developments.
Are there plans?
It appears to be not part of government's plans.
Is it on the agenda?
Zondo Commission recommendation.
Goals
The Zondo Commission recommended that the Financial Intelligence Centre undertake a study to determine if banks complied with their obligations to report suspicious state capture transactions.
Departments / Govt Institutions