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FIC: Annual Report 2024/2025
- 08 October 2025
- Money Laundering
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) has published their Annual Report for 2024/2025, which demonstrates targeted activity in helping to safeguard the South African economy.
Article:
In 2024/25, the FIC continued its focused approach in the pursuit of assisting law enforcement and other partners to address financial crime in South Africa and assist in growing the economy.
The FIC’s annual report highlights how the country’s financial intelligence unit delivered on its mandate, achieved a clean audit, and contributed towards bringing South Africa closer to being de-listed as a jurisdiction under increased monitoring, commonly known as being ‘grey listed’.
The FIC contributed to the recovery of close to R144 million in criminal proceeds in 2024/25 flowing from the 3 104 reactive and 1 092 proactive financial intelligence reports it produced, as well as 51 reports on illicit financial flows.
The FIC issued 25 administrative sanctions on designated non-financial businesses and professions during the 2024/25 financial year, two of which lodged appeals, which are yet to be heard by the FIC Act Appeal Board. In addition, an appeal by one institution – of which five of its registered branches were sanctioned separately – was upheld by the FIC Act Appeal Board. Sanctions to the value of R2 228 000 were imposed by the FIC in the financial year.
Contents of the Annual Report:
- General information
- Performance information
- Governance
- Human Resource Management
- PFMA Compliance Report
- Financial information
Through the financial year the FIC continued to provide guidance and awareness activities to enhance compliance with the FIC Act and improved understanding of anti-money laundering, combating the financing of terrorism and combating proliferation financing measures.
Access the related Media Release at https://www.fic.gov.za/wp-content/uploads/2025/09/Media-release-FIC-2024-25-annual-report.pdf
Click here to download the 149-page document:
https://www.fic.gov.za/wp-content/uploads/2025/09/FIC-Annual-Report-2024-2025.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- FICA is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to be aware of the latest publications by FIC.
- Accountable Institutions should stay up-to-date with the latest developments that affect professional accountants, money laundering and terrorism financing – specifically publications issued by the FIC.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the FIC Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- Accountable Institutions should stay up-to-date with the latest developments that affect money laundering and terrorism financing – specifically publications issued by the FIC.