Minister of Finance appoints Acting Director for Financial Intelligence Centre

On September 1, 2023, South Africa’s Minister of Finance, Enoch Godongwana, announced that Advocate Pieter Smit will assume the role of Acting Director of the Financial Intelligence Centre (FIC). This appointment will be in effect for six months, ending on February 29, 2024, or until a new Director is appointed.

Extensive legal and policy expertise

Adv. Pieter Smit’s career is rooted in legal and policy expertise. He joined the FIC in 2004 as the Executive Manager of Legal and Policy. As a key member of the team responsible for the establishment of the FIC, his contributions have been foundational to the organization’s growth. Smit’s work primarily involves developing proposals to amend the FIC Act and guiding the processes for the passage of the FIC Amendment Bills through Parliament.

Multifaceted role within FIC

Adv. Smit’s role within the FIC is multifaceted. He develops policies for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), stays current on international policy developments, and monitors money laundering and terror financing risk typologies. Additionally, he directs the process of formulating domestic AML/CFT policies within the organization.

Experienced delegate

Adv. Smit is an experienced delegate and has been a longstanding member of the South African delegation to the Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group. He holds a Baccalaureus Iuris degree and a Bachelor of Laws degree from the University of Pretoria, as well as a Master of Laws degree from Rand Afrikaans University. Adv. Smit was admitted as an Advocate of the High Court of South Africa in 1990.

Gratitude for former Director

Minister Godongwana expressed gratitude to Adv. Xolisile Khanyile for her service as the Director of the FIC since January 2018. Her critical role in shaping the FIC’s trajectory and dedication to the organization will not be forgotten. The Minister wished her well in her future endeavors.

Continued vigilance in the fight against money laundering and terror financing

With a wealth of expertise and a proven track record, Adv. Pieter Smit is well-positioned to lead the Financial Intelligence Centre during this interim period. His appointment underscores the importance of maintaining strong leadership and continued vigilance in the fight against money laundering and terror financing. The process of appointing a new Director is underway, and the FIC will undoubtedly benefit from the guidance of a seasoned professional like Smit in the meantime.