The financial intelligence centre act, no 38 of 2001 fica. 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. Structure and organization of the egmont group of financial intelligence units financial intelligence units fius money laundering and the financing of terrorism. Amendment of section 1 of act 38 of 2001, as amended by section 1 of act 11 of 2008 1. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. The financial intelligence centre fic is the financial intelligence unit of the government of the republic of namibia, statutorily mandated to assist with combatting money laundering, financing of terrorism and proliferation. Protection of constitutional democracy against terrorist and related activities, 2004 act no.
Financial intelligence centre eaab the estate agency. The financial intelligence centre amendment bill, 2015. Jul 26, 2017 on 2 may 2017 the financial intelligence centre amendment act 1 of 2017 the amendment act was published which amendment act has made a number of amendments to the financial intelligence centre act, 2001 the act. Evaluation of the twinning instrument in the period 20102017. Indeed in 2014, ghanas admission into the prestigious egmont group of fius brought in its wake a number of benefits. The fic strives to provide a strong legal basis to combat money laundering and the financing of terrorism and. Although the financial intelligence centre act fica came into effect almost a decade and a half ago, it is as relevant today as the day it was conceived. Registration pages home l financial intelligence centre. Act to establish a financial intelligence centre and a money laundering advisory council in order to combat money laundering activities. Financial intelligence unit act 2016 section 5 c at 5 of 2016 page 7 3 the statutory boards act 1987 applies to the fiu to such extent as may be specified in an order made by the dha but not otherwise. We report to the minister of finance and to parliament. Financial intelligence centre act principal legislation.
The financial intelligence centrethe fic is the national centre for developing financial intelligence for anddisseminating this intelligence where necessary, to law enforcement and intelligence agencies, the south african revenue service. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act is hereby amended. Financial intelligence centre act welcome to pbsa news and. Euei pdf eu energy initiative partnership dialogue facility. The europaid evaluation unit dg devco 04 is responsible for the management and. Instituted in 2003 to curb financial crimes, such as money laundering, tax evasion, and terrorist financing activities, fica is a law that all financial institutions need to comply with. Government again was at hand to provide infrastructural support to law enforcement agencies, the judiciary and key stakeholders in the fight against money launderingterrorist. The centre refers to the financial intelligence centre. Financial intelligence centre act fica, act 38 of 2001 money laundering has been one of the more difficult of the organised crimes to track as its defining feature is to eliminate all traces of its point of origin. The fic is south africas financial intelligence unit, which is a government agency created to collect, analyse and interpret information disclosed to and obtained by it. The financial intelligence centre act 38 of 2001 intends. Ghana financial intelligence centre ghana the egmont group.
Public compliance communication 48 on issues pertaining to life insurance providers the financial intelligence centre fic has issued public compliance communication 48, which provides guidance on fic act compliance obligations to accountable institutions that offer life insurance products. Financial intelligence centre amendment bill as introduced in the national assembly proposed section 75. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. The fic act brings south africa in line with similar legislation in other countries designed to reveal the. Financial intelligence centre amendment an act to amend the financial intelligence centre act, 2010. The fic act established the fic in 2003 to administer the fic act, as south africas national centre for the development of financial intelligence in accordance with international standards and requirements. The fic act, 38 of 2001, as amended, established the fic to assist in. The fic act also sets up a regulatory antimoney laundering regime which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. 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. Registration with the fic enables accountable and reporting institutions to fulfil other fic act compliance obligations. Cash threshold reporting to the financial intelligence centre. The financial intelligence centre is established in terms of section 2 of the financial intelligence centre act, act 38 of 2001 revised pcc 24 on verification requirements of south african companies and close corporations in terms of the fic act the financial intelligence centre the fic has reissued pcc24 click here which. Financial intelligence centre was established under section 3 of the financial intelligence centre act no. We are currently creating content for this section.
It is the responsibility of the centre to issue guidelines to reporting entities to ensure reporting entities. This environment will allow a person to learn a lot and grow as a person and career wise. I, derick mostert, declare that utilisation of the financial intelligence centre as a crime intelligence source is my own work and that all the sources that i have used or quoted have been indicated and acknowledged by means of complete references. This is the official youtube channel of the financial intelligence centre fic of the republic of south africa. Utilisation of the financial intelligence centre as a crime intelligence source by derick mostert submitted in accordance with the requirements for.
The financial intelligence centre is established in terms of section 2 of the financial intelligence centre act, act 38 of 2001 public co pcc summary the centre recommends that records relating to matters reported to the centre should be kept. Pcc summary it is not the intention of the fic act to require all trustees of trusts to register with the centre in terms of section 43b of the fic act. To establish a financial intelligence centre and a money laundering advisory. Press release, president jacob zuma signs fica bill into law, south african government website apr. The financial intelligence centre act 38 of 2001 the fic act came into effect on the 1st of july 2003. 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.
Financial intelligence centre amendment act by giles freebody associate and kerry theunissen candidate attorney 14 june 2017 introduction this article considers the amendments introduced by the recently promulgated financial intelligence centre amendment act no. By doing this the act aims to maintain the integrity of the financial system. An act to amend the financial intelligence centre act, 2010. The dg near mff, programming and evaluation unit a4 is responsible for the.
The fic was established in 2003 through the promulgation of the financial intelligence centre act 2001 38 of 2001 fic act to identify proceeds of crime, combat money laundering and the financing. Be it enacted by the parliament of the republic of south africa, as follows. A good place to learn about financial crimes and money laundering. Financial intelligence centre act 38 of 2001 money launder and terrorist financing control regulations internal rules in terms of section 42 of the financial intelligence centre act, an accountable institution must formulate and implement internal rules concerning inter alia the verification of a clients identity and. Financial intelligence centre act welcome to pbsa news. Amended by financial intelligence centre amendment act 1 of 2017. Establish and verify the identity of a south african company information required from the person acting for the close corporation. Enhance financial intelligence capacity in east and southern africa. The financial intelligence centre amendment act 1 of 2017 intends. Page 6 of 11 financial intelligence centre act, 38 of 2001 form.
The fic identifies the proceeds of crime and combats both money laundering and the financing of terrorism with its primary role. Financial intelligence centre amendment act 1 of 2017 english. Text of financial intelligence centre act incorporating the financial intelligence centre amendment act, 2017 unofficial financial intelligence centre act, 2001 act no. May 25, 2017 on april 29, 2017, south african president jacob zuma signed into law the financial intelligence centre amendment act, 2017, amending the financial intelligence centre act of 2001, an act designed to combat money laundering and the financing of terrorism. With acts you are guaranteed the latest and most up to date resource for your legislative needs. Eq2 results in overall high safety standards in general. Analyst, office manager, business banker and more on. 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 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. The kind of business carried out at financial intelligence centre is unique, you have to be willing to learn about the fica regulations and the act itself. On 2 may 2017 the financial intelligence centre amendment act 1 of 2017 the amendment act was published which amendment act has made a number of amendments to the financial intelligence centre act, 2001 the act.
Financial intelligence centre act the banking association south. For the purposes of registration in terms of section 43b of the fic act, only a. Financial intelligence centre amendment act 1 of 2017. Financial intelligence centre amendment bill b3315.
Why registration with the fic is a legal obligation in terms of the fic act, as amended. Twinning projects cover a wide range of areas such as finance and internal. Evaluation of the eus sustainable energy cooperation european. The financial intelligence centre amendment act video clip produced by the eaab. This is an unofficial text of the financial intelligence centre act, 2001 and the money laundering and terrorist financing control regulations. By imposing financial requirements on air carriers and monitoring. Evaluation of the regulation ec european commission. In order to be able to keep up with our high standards of service, we need a little more time. Financial intelligence centre amendment national assembly. The fic act put in place a policy framework to combat money laundering and the financing of terrorism. The fic act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. The financial intelligence centre the centre provides the guidance contained in this public compliance communication pcc in terms of its statutory function in terms of section 4c of the financial intelligence centre act, act no.
Amendment act, 2014 act 874 and the antiterrorism amendment act, 2014 act 875. Notice by the director in terms of section 26a3 of the financial intelligence centre act, 2001 the minister of finance has announced the date of 1 april 2019 as the date that the sections in the financial intelligence centre act, 2001 fic act relating to targeted financial sanction tfs come into effect. Financial intelligence centre jobs and vacancies careers24. 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 financial intelligence centre the fic is the national centre for developing financial intelligence for anddisseminating this intelligence where necessary, to law enforcement and intelligence agencies, the south african revenue service. A compliance officer s43co refers to the person who is, in terms of section 43b of the fic act appointed by an accountable institution with the purpose of overseeing compliance with the fic act by the institution and its employees. To establish a financial intelligence centre in order to combat money laundering activities and the financing of terrorist and related activities. The financial intelligence centre fic is south africas national centre for the gathering, analysis and dissemination of financial intelligence. It is the responsibility of the centre to issue guidelines to reporting entities to ensure reporting entities comply accordingly with the provisions of the act. The fic act was introduced to fight financial crime, such. Financial intelligence centre act 38 of 2001 south. Financial intelligence centre of south africa skip ribbon commands. The financial intelligence centre the fic was established in terms of the financial intelligence centre act 38 of 2001 fica.