Corruption and SA's changing political elite - how FICA helps keep tabs

We're all familiar with the red tape involved to ensure that we, as ordinary citizens, comply with FICA requirements.

Currently, our country's changing political landscape means it's trickier to keep tabs on politically exposed persons or PEPs, according to compliance expert Hawken McEwan (Director of Risk and Compliance at DocFox).

In the fight against political corruption, FICA plays a crucial role in combating financial crimes and protecting taxpayers’ funds, he writes in an article published on Bizcommunity.

In conversation with Amy MacIver, McEwan says people in positions of power have the ability to perhaps leverage public funds for 'untoward purposes'.

And as new faces emerge and political alliances shift, the stakes are high.

"Regulatory bodies need to be extra vigilant to identify a diverse range of individuals who might misuse their influence for personal gain during this critical period."

Hawken McEwan, Director of Risk and Compliance - DocFox

While FICA does not directly tackle corruption, he notes that the intelligence it gathers has been instrumental in supporting law enforcement efforts. 

"Information shared by FICA has led to the recovery of over R5.8 billion in criminal assets, showcasing its impact in fighting financial crimes and safeguarding public funds in the country."

"Maintaining a list of politically exposed persons is extremely difficult in a changing landscape, but it serves a practical purpose by enabling firms to closely monitor individuals who might misuse public funds."

Hawken McEwan, Director of Risk and Compliance - DocFox

Scroll up to listen to the interview with McEwan, and click here to read the article