FIC South Africa has created a special forensic unit to assist law enforcement in investigating financial crimes, including in the field of blockchain and digital assets.

In a press interview, South African Financial Intelligence Center (FIC) director Christopher Malan said the new unit will complement existing FIC structures and assist law enforcement in investigating financial crime.

According to the head of the department, the activities of a special division of the FIC forensic examination will be aimed at monitoring financial transactions and combating money laundering, including in the high-tech area related to the circulation of digital assets.

In particular, the government intends to gain access to accurate and up-to-date information on beneficial ownership, which should speed up the investigation of financial crimes, the confiscation of assets and the prosecution of violators.

The South African National Treasury has allocated R265.3 million (about $14 million) to the FIC, which the agency will use to recruit staff and expand its oversight role.

Earlier, the Anti-Money Laundering Task Force (FATF) added South Africa to the “grey list” of countries that pay insufficient attention to combating money laundering and terrorism.