Public is against money laundering all over the World
Money laundering, usually a key operation of organised crime, is the process of concealing the origin of money obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source.
Previously, the unit was under the Rwanda National Police and Central Bank. It became independent to fulfill international standards. This was in line with cementing the operations of the Kigali International Financial Centre (KIFC) which seeks to attract regional and international investors.
To accomplish its mission, FIC collaborates with security, judicial and administrative organs at national, regional and international levels in order to share information related to the fight against money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction.
“As long as these crimes exist, people will always try to do money laundering. And terrorism can’t happen unless someone finances it, either by providing equipment or training, among other things.”
When the FIC was set up in 2020, Rwanda had, for five years, sent requests to countries such as Nigeria, Uganda, Poland, the USA, Spain, the Central Africa Republic and Canada, to help recover money that belongs to the country. Only two requests were responded to.
It is also the concealment, disguise of the true nature, origin, location, movement, disposition, donation, disguise of the beneficial owner of the property or funds or the person having rights on it, knowing or likely to know that such a property or funds is proceeds of crime or from an act of participation in such crime.
“Money laundering is committed even if the original acts leading to the acquisition, disposition or transfer of the property or funds to be laundered or the protection of the offender, are carried out on the territory of a third State,” states the law.