Nfinancial intelligence centre act 38 of 2001 pdf

Financial intelligence centre amendment national assembly. Financial intelligence centre act 38 of 2001 gazette no. To achieve its objectives the centre must a process, analyse and interpret information disclosed to it, and obtained by it. Since then, there have been sweeping changes in the global economy and financial regulation. Business brief december 2011 usa federal taxes irs. An act to amend the financial intelligence centre act, 2010. Financial intelligence centre act, 38 of 2001 western.

Financial intelligence centre act fica act file type. Financial intelligence centre act fica south africa. Intelligence centre amendment act, 2017 unofficial financial intelligence centre act, 2001 act no. The financial intelligence centre act, no 38 of 2001 fica the fica established a financial intelligence centre and a countermoney laundering advisory council in order to combat money laundering activities and the financing of terrorist and related activities and to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of. The prevention of organised crime act 121 of 1998 poca the financial intelligence centre act 38 of 2001 fica the protection of constitutional democracy against terrorist and related activities act 33 of 2004 pocdatara the prevention and combating of corrupt activities act 12 of 2004 precca. This act establishes a financial intelligence centre and a money laundering advisory council in order to combat money laundering activities. Financial intelligence centre amendment act 1 of 2017. The fic identifies the proceeds of crime and combats both money laundering and the financing of terrorism with its primary role.

Financial intelligence centre act, 2001 aids helpline. The concept will broaden once the new criminal provisions of the financial intelligence centre act 38 of 2001 fica come into effect. Financial institutions protection of funds act, 2001 act. Financial institutions protection of funds act, 2001. Contravention of the act constitutes an offence and stiff penalties can be imposed on accountable institutions that fail to comply with their duties under the act. Financial intelligence centre 20 national government. Exemption from parts 1,2 and 4 of chapter 3 of act. Financial intelligence centre act, 38 of 2001 western cape. Amendment of section 1 of act 38 of 2001, as amended by section 27 of act 33 of 2004, section 1 of act 11 of 2008 and section 53 of act 11 of 20 1.

Government of zambia act national assembly of zambia. It also imposes duties on institutions and other persons who might be used for money laundering purposes to inter alia identify their clients, keep records and report suspicious transactions. Schedule regulation definitions 1 chapter 1 establishment and verification of identity 2 19. Financial intelligence centre act 38 of 2001 fica, 3 dec. The intrusive financial intelligence centre amendment. Identifying the proceeds of unlawful activities combating money laundering activities combating financing of terrorist and related activities sharing information with law enforcement and other local and international agencies. Fica effectively establishes a partnership between the private and the public sector to assist in the. Financial intelligence centre part 1 establishment, objective, functions and general powers establishment 2. The financial intelligence centre the fic, established by the financial intelligence centre act, 38 of 2001 the fic act, is the national point for the gathering, analysis and dissemination of financial intelligence. Financial intelligence centre act no 38 of 2001 background the financial intelligence centre act hereinafter referred to as fica was passed by parliament in december 2001 and is being promulgated in a phased approach. Financial intelligence centre amendment parliamentary period. Reporting obligations in terms of the financial intelligence centre act all accountable institutions, including financial services providers fsps and long term insurance businesses listed in item 8 and 12 of schedule 1 of the financial intelligence centre act no. It requires banks, as well as other institutions, to obtain and verify certain client information.

Application of act when in conflict with other laws. Financial intelligence centre act, act 38 2001 fica poca deals with the elements of money laundering and the penalties imposed on offending persons. The financial intelligence centre act, 2001 act no. Directorate means the directorate of intelligence and security established under the intelligence and security service act. In addition, the amendment act expands the list of institutions to which the centre will make information it collects available. The financial intelligence centre act 38 of 2001 fica compels certain persons and institutions defined as accountable institutions to identify and verify the identity of a new client before any transaction may be concluded or any business relationship is established. Protection of constitutional democracy against terrorist and related activities, 2004 act no. Introduction to the financial intelligence centre act fica. Nov 12, 2014 the financial intelligence centre act hereinafter referred to as fica was passed by parliament in december 2001 and is being promulgated in a phased approach. Client identification and money laundering control. In south africa two acts have been passed in this respect, namely the prevention of organised crime act 121 of l998 and the financial intelligence centre act 38 of 2001 fica. Financial intelligence centre act updated to 1 april 2019 act 38 of 2001 gon 1262, g. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act, is hereby amended.

In these regulations the actmeans the financial intelligence centre act, 2001 act no 38 of 2001, and, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the act has that meaning, and. Financial intelligence centre act 38 of 2001 south. Act to establish a financial intelligence centre and a. The financial intelligence centre act hereinafter referred to as fica was passed by parliament in december 2001 and is being promulgated in a phased approach. Fica effectively establishes a partnership between the private and the public sector to assist in the identification of proceeds of unlawful activities thereby combating money. Text of financial intelligence centre act incorporating the financial intelligence centre amendment act, 2017 unofficial financial intelligence centre act, 2001 act no. The financial intelligence centre amendment act 1 of 2017 intends. The fic act, 38 of 2001, as amended, established the fic to assist in. Regulations in terms of the financial intelligence centre act. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act is hereby amended. Finance act, 2001 explanatory notes on provisions relating to direct taxes 1. These regulations apply to the financial intelligence centre act of 2001. Financial intelligence centre eaab the estate agency.

This act may be cited as the financial intelligence centre amendment act, 2016, and shall be read as one with the financial intelligence centre act, 2010, in this act referred to as the principal act. Regulations in terms of the financial intelligence centre act, 2001 the minister of finance has, in terms of section 77 of the financial intelligence centre act, 2001 act no 38 of 2001, made the regulations set out in the schedule. The financial intelligence centre fic in collaboration with the national treasury, the south african reserve bank and the financial services board has published guidance note 7 link to support accountable institutions and supervisory bodies in the implementation of the financial intelligence centre act, 2001 act no. By virtue of the powers vested in me by section 74 of the financial intelligence centre act, 2001 act no 38 of 2001, i, trevor andrew manuel, minister of finance, hereby make the exemptions set out in the schedule. Financial intelligence centre act, 2001 act no 38 of 2001 fica the ngb further monitors compliance to the fica, 2001 act no 38 of 2001 by conducting inspections on licensees and also interacts with the financial intelligence centre fic on a regular basis in order to formulate guidance notes, ensure compliance by accountable institutions, improve the. Financial intelligence centre act 38 of 2001 south african.

Prevention of organised crime act, 121 of 1998 poca financial intelligence centre act, 38 of 2001 fica protection of constitutional democracy against terrorist and related activities act, 2004 pocdatara money laundering and terrorist financing control regulations. Fic amendment act home l financial intelligence centre. Legislation has been introduced in south africa, in the form of the prevention of organized crime act, the protection of constitutional democracy against terrorist and related activities act, the prevention and combating of corrupt activities act and the financial intelligence centre act fica, to criminalise and combat money laundering and. Financial intelligence centre act 38 of 2001 fica requirements. Reg of interccommand provision of comminformation act no 70 of 2002. In these regulations the act means the financial intelligence centre act, 2001 act no 38 of 2001, and, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the act has that meaning, and. Financial intelligence centre act 38 of 2001 fica requirements annexure b the financial intelligence centre act fica was introduced in 2001 with the aim of preventing criminal activities and the financing of terrorism. This act has been updated with amendments in notices no. Financial intelligence centre act and regulations 382001. The financial intelligence centre act 38 of 2001 intends. Gaps have been noted within the financial intelligence centre act 38 of 2001 fica.