New FIC director, Xolisile Khanyile, comes with an impressive pedigree

The FIC is vital in combating money-laundering and financing terrorism. It assumed prominence when its work cast a spotlight on financial transactions conducted by the Gupta family. A record of suspicious transactions reported to the FIC are believed to have prompted the closure of bank accounts belonging to the Gupta company, Oakbay, by the country's four major banks.

Khanyile will assume office on 1 January 2018, according to Finance Minister Malusi Gigaba, who announced the appointment on Thursday.

Previous positions held by Khanyile include director of public prosecutions in the Free State; acting director of public prosecutions in Gauteng; senior deputy director of public prosecutions in the national prosecutions service; and deputy director of public prosecutions in the asset forfeiture unit.

She holds a B Juris Degree from the University of Zululand, an LLB from the University of Zululand, and has completed a management development programme at the University of the Free State Business School.

"The FIC plays a key role in ensuring the financial system has integrity. We also believe that Advocate Khanyile will work with other industry stakeholders to ensure transparency is improved in SA's financial system to support higher economic growth. We wish her well in her new role," Gigaba said.

The FIC collects information and analyses suspicious transactions reported by financial or non-financial institutions, such as gambling bodies, estate agents and lawyers. It works with other regulators and provides information to law enforcers to combat money-laundering and terrorist-financing.

Source: BDpro