Former prosecutions head in the Free State Xolisile Jennifer Khanyile is set to take over the position as director of the Financial Intelligence Centre (FIC) from January 1, Finance Minister Malusi Gigaba announced on Thursday.

Khanyile, who also served as deputy director of the Asset Forfeiture Unit and senior deputy director of public prosectuions in the National Prosecuting Service, will head the FIC — the body which, among others, flags possible money laundering practices.

“The FIC collects information and analyses suspicious transactions as may be reported by financial or non-financial institutions like gambling bodies, estate agents, and lawyers,” a statement from Treasury said.

“The FIC works together with other regulators and provides information to law enforcers to combat money laundering and terrorist financing.”

In congratulating Khanyile, Gigaba said: “The Financial Intelligence Centre plays a key role in ensuring that the financial system has integrity. We also believe that Advocate Khanyile will work with other industry stakeholders to ensure that transparency is improved in South Africa’s financial system in order to support higher economic growth. We wish her well in her new role.”

Her appointment will follows the retirement of Murray Michell, who headed the FIC since its establishment some 14 years ago.

– African News Agency (ANA)