Finance Minister Enoch Godongwana has appointed Thabiso Thiti as the director of the Financial Intelligence Centre (FIC) for five years, with effect from April 15.

Thiti has more than 20 years of experience in senior executive roles in public service, including trade and industry advisory; justice cluster, national security and intelligence operations; strategic management and government leadership roles.

He will continue and deepen the vital work the FIC has done to combat illicit financial flows, organised crime, anti-money laundering and countering the financing of terrorism, says Godongwana.

South Africa’s recent exit from the Financial Action Task Force’s (FATF’s) grey list provided a key test for the FIC and the ecosystem of law enforcement agencies and government bodies tasked with safeguarding the integrity of the country’s financial system, the Minister says.

South Africa’s exit from the watchlist in less than three years provided proof of the rapid reforms that can be achieved when regulators, policymakers, law enforcement agencies and members of the financial sector cooperate to achieve a clear objective.

However, with a mutual evaluation by the FATF due later this year, the country must continue to demonstrate progress in the effectiveness of investigations, prosecutions and sanctions.

“Mr Thiti steps into this role at a pivotal time. We believe he has the requisite skill and experience to lead this critical institution. South Africa’s successful exit from the FATF grey list demonstrated the strength of collaboration between government, regulators and the financial sector,” says Godongwana.

“Sustaining this momentum is paramount, and the FIC has a key role to play to ensure that South Africa’s financial system remains trusted, transparent and globally competitive.”

Further, Thiti currently serves as Department of Justice and Constitutional Development institutional development and support deputy director-general, having been appointed in April 2023.

He also served as State Security Agency (SSA) Office of Interception head from 2020 to 2023.

Prior, he held several senior roles within the SSA over an 11-year period from 2006 to 2018. During this time, he was directly involved in strategy, operations and coordination in the broader criminal justice system, the Department of Finance says.

Thiti will succeed Advocate Pieter Smit who has served as the FIC acting director since September 2023. Godongwana thanks Smit for his diligent stewardship during his tenure as acting director.