Business brief december 2011 usa federal taxes irs. Financial institutions protection of funds act, 2001. Fica financial intelligence centre act 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. 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. Reg of interccommand provision of comminformation act no 70 of 2002. Since then, there have been sweeping changes in the global economy and financial regulation.
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. Financial intelligence centre act 38 of 2001 fica, 3 dec. Fica creates the administrative processes that accountable institutions must implement and follow in order to avoid being involved in money laundering. Financial intelligence centre amendment parliamentary period. This act has been updated with amendments in notices no. 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. 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. Financial intelligence centre amendment national assembly. 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. The financial intelligence centre amendment act 1 of 2017 intends. Financial intelligence centre act, 2001 aids helpline.
Financial institutions protection of funds act, 2001 act. Fic amendment act home l financial intelligence centre. 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. 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. Regulations in terms of the financial intelligence centre act. It requires banks, as well as other institutions, to obtain and verify certain client information. Application of act when in conflict with other laws. 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. Financial intelligence centre act fica act file type. Financial intelligence centre act, 38 of 2001 western. The financial intelligence centre act 38 of 2001 intends. Act to establish a financial intelligence centre and a. This act establishes a financial intelligence centre and a money laundering advisory council in order to combat money laundering activities. Financial intelligence centre act fica south africa.
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 act 38 of 2001 fica requirements. Fica effectively establishes a partnership between the private and the public sector to assist in the. 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. 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. Client identification and money laundering control. Government of zambia act national assembly of zambia. Exemption from parts 1,2 and 4 of chapter 3 of act. 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. Financial intelligence centre act, act 38 2001 fica poca deals with the elements of money laundering and the penalties imposed on offending persons. Financial intelligence centre amendment act 1 of 2017. 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. 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.
The financial intelligence centre act, 2001 act no. These regulations apply to the financial intelligence centre act of 2001. Financial intelligence centre act 38 of 2001 gazette no. Finance act, 2001 explanatory notes on provisions relating to direct taxes 1. 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.
Intelligence centre amendment act, 2017 unofficial financial intelligence centre act, 2001 act no. The financial intelligence centre fic is south africas national financial intelligence unit. 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 20 national government. The fic act, 38 of 2001, as amended, established the fic to assist in. Act to establish a financial intelligence centre and a money. Protection of constitutional democracy against terrorist and related activities, 2004 act no. Financial intelligence centre act 38 of 2001 south. 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. 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. Directorate means the directorate of intelligence and security established under the intelligence and security service act. Introduction to the financial intelligence centre act fica. 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 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. The financial intelligence centre act, no 38 of 2001 fica. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act, is hereby amended. Gaps have been noted within the financial intelligence centre act 38 of 2001 fica. Financial intelligence centre part 1 establishment, objective, functions and general powers establishment 2. 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.
To achieve its objectives the centre must a process, analyse and interpret information disclosed to it, and obtained by it. 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. Financial intelligence centre eaab the estate agency. An act to amend the financial intelligence centre act, 2010. 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.
Schedule regulation definitions 1 chapter 1 establishment and verification of identity 2 19. Financial intelligence centre act updated to 1 april 2019 act 38 of 2001 gon 1262, g. 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 act and regulations 382001. Financial intelligence centre act, 38 of 2001 western cape. 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. The concept will broaden once the new criminal provisions of the financial intelligence centre act 38 of 2001 fica come into effect. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act is hereby amended. In addition, the amendment act expands the list of institutions to which the centre will make information it collects available. The intrusive financial intelligence centre amendment. 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 38 of 2001 south african.