financial intelligence centre REPUBLIC OF SOUTH AFRICA DSD NPO Summit AML/CFT Awareness Raising 16 August 2012

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1 DSD NPO Summit AML/CFT Awareness Raising 16 August 2012 Issues, Challenges and Exploring the Way Forward Sean Stander: FIC

2 Presentation Scope - What is the Financial Intelligence Centre - Objectives of the Centre - Overview of the AML/CFT Framework - What is Money Laundering - What is Terrorist Financing - Vulnerabilities of the NPO Sector - Protecting NPOs against Abuse - International Best Practice 2

3 Objectives of the Centre Principal objective - the identification of the proceeds of crime, and the combating of money laundering and terrorist financing Other objectives are: - To make information available to investigating authorities, supervisory bodies and the intelligence services - To exchange information with bodies with similar objectives in other countries - To supervise and enforce compliance with the Act or any directive made in terms of the Act 3

4 AML/CFT Legislative Framework The Financial Intelligence Centre Act Creates the Financial Intelligence Centre Compliance requirements The Prevention of Organised Crime Act Criminalises the act of money laundering Makes third party money laundering an offence The Protection of Constitutional Democracy against Terrorism and Related Activities Act Criminalises the perpetration of acts of terrorism Makes financing of specified offences illegal 4

5 AML/ CFT Architecture Accountable Institutions e.g. International links/ fiu s Investigative Authorities & Intelligence Agencies e.g. Bank FIC sharing SAPS -DPCI Post Office Reports Data storage Analysis Referrals Referrals NPA AFU Casino SARS 5

6 Vulnerabilities of the Sector The following features make charities highly valued in society, but also susceptible to potential abuse for the financing of terrorist acts, money laundering and fraud in general: - High levels of public trust - Reach into all parts of society; contact with large amounts of people - Have a global presence, often in conflict areas - Complex global operations, multiple currencies, use of alternative remittance - NPOs are powerful in mobilising financial support from a large number of seemingly un-related people for a common purpose - Designed to be a conduit for moving financial resources-in many instances across jurisdictions 6

7 What is Money Laundering Money Laundering is the process used by criminals to hide or conceal or disguise the nature, source, location, disposition or movement of the proceeds of unlawful activities. Furthermore the act of conducting or causing to conduct two or more transactions with the purpose of avoiding the reporting duty is also part of money laundering in terms of section 64 of FIC Act. - Placement is where criminals introduce funds into financial system - Layering is where the assets are moved around to distance them from source - Integration is where the funds re-enter the economy e.g. Purchase of real estate or luxury goods 7

8 What is Terrorist Financing Financing of terrorism is the provision of funds or making the funds available for the purpose of enhancing the ability of an entity or anyone who is involved in terrorism or related activities. Funds may be raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion FIC Website 8

9 Cases of Abuse of NPO Sector - In proportion to the size of the sector number of reported cases of NPOs being abused for AML/CFT purposes is relatively small - In a recent analysis by the Egmont Group, 22 terrorist financing cases were reported by Financial Intelligence Units, NPOs featured in 45% of these cases - Former director of Al Haramain Trust (Saudi based) was arrested for his involvement in the 1998 US Embassy bombings in Tanzania - Two bombers who died in the 2005 London attacks were former trustees of a charity based in the city 9

10 Standards generating body conducted an evaluation on AML/CFT framework in findings in relation to SR8 best summarised as follows: - Legislation governing NPO sector should be reviewed to require mandatory registration of NPOs - The enforcement powers under the NPO Act should be reviewed to include the power to sanction office bearers, impose fines and freeze accounts of NPOs for violation of oversight measures - The retention period that applies to record keeping requirements under section 17 (3) of the Act should be specified - An outreach programme should be undertaken (protect the sector) - NPOs should be required to maintain identity info of those that own, control or direct their activities 10

11 Protecting NPOs Against Abuse It should be clear from the outset that the objective is not to prevent aid from reaching places where there is a genuine need, but to set in place governance standards that can be aspired to - Abuse can undermine donor confidence and integrity of the NPO sector - Actual abuse rare-but need to limit potential for problems in this area - General risk management processes will safeguard against all potential misuses and not just terror financing - Should not advocate a one size fits all approach, but rather encourage institutions to have own processes to guard against abuse - Apply the know your beneficiary principle 11

12 International Best Practice A four-pronged approach to reducing risk of abuse within the NPO sector: Awareness: Publish and invite feedback on a counter terrorism strategy Promote guidance and best practice advice through outreach work Consider minimum standards for due diligence Oversight and Supervision: Monitor the sector to identify charities that may experience problems Consider a pro-active monitoring capability On-site visits are conducted to assist with development of supervision 12

13 International Best Practice A four-pronged approach to reducing risk of abuse within the NPO sector: Co-Operation: Put in place formal agreements and operating protocols (Liaison) Reciprocal awareness sessions to foster inter-agency understanding Ensure that all suspicions of terrorist activity are promptly reported Intervention: Allegations or suspicions of fraud, money laundering and terrorist activity are zero tolerance issues Ensure that charitable funds are put to proper use Minimise disruption that any incident causes to the wider sector 13

14 International Best Practice Adopting a risk based approach, charities should consider adopting the following best practices against abuse of donor funds: - Collect historical information about the grantee that provides assurance in relation to integrity - Vetting of grantees to ensure they are not involved in any sanctioned activity - Basic vetting of key employees 14

15 Zero Tolerance Instances It is recommended that a zero tolerance approach is taken in the following instances: - Evidence of connections to listed entities - Charity is linked to support for terrorism - Misuse of charity to support extremism - Evidence of fraud or money laundering - Sham charities in use 15

16 Questions General Information: Queries: 16

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