Opinion: FIC Is Speculative Report

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The Financial Intelligence Act of 2010 is very clear, the work of the FIC should be submitted to the Law Enforcement Agencies (LEA) and NOT to the public.

Reason; The report is compiled from 3rd party information(Banks, Financial institutions, Law Firms, Estate Agencies and other reporting entities)…at this stage the information remains raw, unverified and uncollaborated..

The Finamcial Intelligence Centre is not a Law Enforcement Agency ?(LEA) and has no powers to investigate, verify and if possible charge, arrest and prosecute the cases as those powers are vested in LEAs.

It is for this reason that room should be given to the LEAs to verify, establish and if possible prosecute those cases but NOT to be given to the public as the public will take the facts collected as TRUTH.. in this way the Report outrages the public and the becomes indignant..

The FIC might argue that the Report is merely a “Trends Report” and mentions no name or entity so far reported and barely mentions any specific case, but we know that speculations and rumours begin to reign because of their report!

The Financial Intelligence Centre should submit to the Law Enforcement Agencies as is dictated by the law and NOT to the public.


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