Identifying criminal activities
Financial Intelligence Centre Act
Financial crime is defined as crime that is specifically committed against property. These crimes are almost always committed for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property that is involved. Financial crimes can occur in many different forms, and they happen all over the world. Some of the most common crimes facing the financial sector are money laundering, terrorist financing, fraud, tax evasion, embezzlement, forgery, counterfeiting, and identity theft. These crimes are committed every single day, and governments across the globe are constantly prosecuting financial criminals while searching for new ones.
For those who have not read through the South African Financial Intelligence Centre Act (FIC Act), it is worth taking note of Section 29 which states that – "a person who carries on a business, is in charge of a business, manages a business, or is an employee of a business" must report suspicious activity or transactions.