The project aims at improving the trustworthiness typical of Rwanda’s financial sector.
Dr. Uwera Claudine, Minister of State in charge of Economic Planning in the Ministry of Finance and Economic Planning (MINECOFIN) announced to the parliament that FIC will be a separate entity and will not be reporting to the Central Bank of Rwanda.
She mentioned that "Article 4 of the law of 2018 provides that financial intelligence is done by a unit in charge of another institution in charge of fighting money laundering and terrorism financing ."
Prof. Omar Munyaneza, MP and Chairperson of the Parliamentary Standing Committee on National Budget and Patrimony said that FIC will be monitoring activities related to money exchange and other activities including money laundering.
"FIC will provide reports about money laundering, terrorism financing and weapons of mass destruction and also propose measures and penalties to fight against them."
The law approves that once the financial intelligence center will be set, it will have the right to access institutions’ financial transactions and electronic data stored on servers and share that information if necessary.
FIC will be established to address gaps that were identified in law No69 /2018 of August 31st, 2018 on prevention and punishment of money laundering and terrorism financing regarding non-conformity to international standards.