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In the past 20 years, threats and incidents of terrorism have grabbed global headlines and urged nations to step up laws against not only the act but also the financing of terrorist activities. In South Africa more recently, the spotlight fell on the threat of terrorism after a spate of incidents in which alleged bombs were placed in shopping centres around Durban.
Cyber attacks against financial services firms and other sectors have increased in number, size and sophistication. Globally, cybercriminals have launched large-scale attacks against banks and other financial institutions, siphoning billions of dollars from bank accounts as well as stealing millions of credit card records.
The Financial Intelligence Centre Act, No 38 of 2001 (FICA) is a piece of legislation introduced in South Africa to combat money laundering and the financing of terrorism (MLFT).
Africa has a higher percentage of companies affected by fraud, theft, money laundering or other financial crimes than the global average, according to one of the most comprehensive surveys of international business to date. Thomson Reuters commissioned the survey of more than 2,300 senior business leaders in large companies to shine a light on how pervasive such crimes have become across the world.