The Financial Intelligence Centre (FIC) has a new director, Thabiso Thiti, the finance watchdog announced in an internal memo which TimesLIVE saw on Wednesday.
The staff notice said finance minister Enoch Godongwana had appointed Thiti to lead the FIC and strengthen its anti-money laundering and counter-terrorist financing framework, after South Africa was recently removed from the Financial Action Task Force’s greylist.
The memo said Thiti had replaced Pieter Smit, who served as acting FIC director from 2023. It said Thiti had more than 20 years of senior executive experience in intelligence operations, strategic management and government leadership.
“His academic credentials include a master’s degree in public and development management, an executive development programme, a programme on economic and public finance, a BA honours degree, and a BA in international relations and political studies,” the internal memo said.
“He has also completed advanced courses in project management, equipping him with both technical and strategic leadership skills.”
Four years ago, Mr Thiti joined the department of justice and constitutional development as deputy director-general for institutional development, where he worked to improve strategic co-ordination across the department and its critical agencies
— FIC internal memo
The memo said he was a graduate of institutions including Wits University in 2014 and 2022, and Unisa in 2003.
“Four years ago, Mr Thiti joined the department of justice and constitutional development as deputy director-general for institutional development, where he worked to improve strategic co-ordination across the department and its critical agencies.”
The memo said Thiti’s role at the FIC was about “following the money”, as the FIC is South Africa’s financial intelligence unit, mandated to:
- receive, analyse and disseminate financial intelligence;
- identify illicit financial flows; and
- support law enforcement and prosecution.
Finance Minister Enoch Godongwana later confirmed the appointment in a statement.
“Minister Godongwana expects Mr Thiti to continue and deepen the vital work the FIC has done to combat illicit financial flows, organised crime, money laundering, and terrorism financing,” it said.
Thiti’s appointment for a five-year period follows a recruitment process since 2025 that culminated in a selection panel chaired by deputy trade, industry & competition minister Zuko Godlimpi.
In October last year, South Africa finalised its removal from the international greylist after 32 months of bolstering its capacity to investigate, detect, arrest and prosecute instances of money laundering and terror financing.
The FATF announced the move during a plenary, which took place this week in Paris, concluding late on Friday afternoon. South Africa was greylisted in February 2023, after the task force noted gaps and deficiencies in the country’s mechanisms to combat money laundering.
The designation sent shocks through the South African economic system, leaving sectors that operate parallel to the banking sector scrambling to bolster their record-keeping capacity when it came to large sums of money.
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