The financial intelligence centre fic is south africas national financial intelligence unit tasked to provide financial intelligence to law enforcement agencies, intelligence agencies and the south african revenue service. Gn r53 gg 27011 19112004 by virtue of the powers vested in me by section 74 of the financial intelligence centre act, 2001. The financial intelligence centre amendment act, 2008 act 11 of 2008. The financial intelligence centre bill, 2010 arrangement of sections part i preliminary section 1. Objectives 1 the principal objective of the centre is to assist in the. Words underlined with a solid line indicate insertions in existing enactments. This is achieved by ensuring that designated categories of business comply with requirements. 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 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. The fic strives to provide a strong legal basis to combat money laundering and the financing of terrorism and. 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. Why registration with the fic is a legal obligation in terms of the fic act, as amended. Establish and verify the identity of a south african company information required from the person acting for the close corporation.
With acts you are guaranteed the latest and most up to date resource for your legislative needs. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Enhance financial intelligence capacity in east and southern africa. Press release, president jacob zuma signs fica bill into law, south african government website apr. Financial intelligence centre amendment act 1 of 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. Financial intelligence centre act 2001 and subsequent amendments have added responsibilities to the fsb to combat money laundering. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Words in bold type in square brackets indicate omissions from existing enactments. Act to establish a financial intelligence centre and a money laundering advisory council in order to combat money laundering activities. 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. The fsbs stated vision was to promote and maintain a sound financial investment environment in south africa. The financial intelligence centre act 38 of 2001 fica came into effect in 2002.
Under section 67 of the financial intelligence act, 2012 act no. An act to establish the financial intelligence centre and provide for its functions and powers. Amended by financial intelligence centre amendment act 1 of 2017. For the purposes of registration in terms of section 43b of the fic act, only a. This is the official youtube channel of the financial intelligence centre fic of the republic of south africa. The centre refers to the financial intelligence centre. The financial intelligence centre act, 2001 act no. The financial intelligence centre act 38 of 2001 the fic act came into effect on the 1st of july 2003. Financial intelligence centre act 38 of 2001 exemptions in terms of the financial intelligence centre act, 2001 published under government notice r1596 in government gazette 24176 of 20 december 2002 and amended by. The fic act brings south africa in line with similar legislation in other countries designed to reveal the. A number of sections of the financial intelligence centre amendment act 1 of 2017 the amendment act were gazetted recently. The financial intelligence centre act 38 of 2001 intends. An act to amend the financial intelligence centre act, 2010. The financial intelligence centre act, no 38 of 2001 fica.
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. Act to establish a financial intelligence centre and a money. The amendment act was signed into law by president jacob zuma on 26 april and gazetted on 2 may gn396 gg40821252017, but the determination of the commencement date was left to the minister of finance. The fic act, 38 of 2001, as amended, established the fic to assist in. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act is hereby amended.
The wording of the amendment act makes it clear that the responsibility to ensure compliance rests with the accountable institution andor top management itself and not its appointee. Financial intelligence centre act welcome to pbsa news and. Interpretation part ii the financial intelligence centre 3. Financial intelligence centre eaab the estate agency. 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. Promulgation of financial intelligence act, 2012 act no.
Generally the term applies in the context of law enforcement and related activities. Financial intelligence centre amendment an act to amend the financial intelligence centre act, 2010. Protection of constitutional democracy against terrorist and related activities, 2004 act no. Financial intelligence centre amendment act, 2017 act no. Financial intelligence centre act the banking association. Fica, among others, made provision for the training of employees of accountable and reporting institutions. The fic act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. Page 6 of 11 financial intelligence centre act, 38 of 2001 form. A managers guide to knowing what the numbers really mean. Sas leading data bureau gives businesses the key to pain free compliance. Text of financial intelligence centre act incorporating the financial intelligence centre amendment act, 2017 unofficial financial intelligence centre act, 2001 act no. 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.
Financial intelligence centre 2010 national assembly of. The financial intelligence centre amendment act 1 of 2017 intends. The fic identifies the proceeds of crime and combats both money laundering and the financing of terrorism with its primary role. 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. 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.
The fic act was introduced to fight financial crime, such. Financial intelligence centre amendment national assembly. The financial intelligence centre amendment bill, 2015. Who registration with the financial intelligence centre fic is a legal requirement applying to all accountable and reporting institutions listed in schedules 1 and 3 of the fic act, respectively. This position has now been changed by the financial intelligence centre amendment act 1 of 2017 the amendment act. Act to establish a financial intelligence centre and a money laundering advisory.
Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as the principal act, is hereby amended. Financial intelligence centre bill 2010 national assembly. Financial intelligence centre act, 2010 zambia legal information. 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. Financial intelligence centre was established under section 3 of the financial intelligence centre act no. Financial intelligence centre 2010 national assembly of zambia. To establish a financial intelligence centre and a money. 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.
The financial intelligence centre bill, 2010 memorandum the objects of this bill are to a establish the financial intelligence centre and provide for its functions and powers. 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 financial intelligence centre fic is calling for comments from accountable institutions, supervisory bodies and all other persons on draft public compliance communication 106 draft pcc 106. The government of the republic of namibia, by acceding to the united nations convention against transnational organized crime, agreed that it shall establish a financial intelligence unit that will serve as a national centre for the collection, analysis and dissemination of information regarding potential money laundering. Financial intelligence centre act, 2001 aids helpline. The fic act put in place a policy framework to combat money laundering and the financing of terrorism. 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. A managers guide to knowing what the numbers really mean berman, karen, knight, joe, case, john on. Words in bold type in square brackets indicate omissions from.
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. Section 1 of the financial intelligence centre act, 2001 hereinafter referred to as. Financial intelligence centre act welcome to pbsa news. 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. 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 instituted in 2003 to curb financial crimes, such as money laundering, tax evasion, and terrorist financing activities, fica is a law that all financial. 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. Registration pages home l financial intelligence centre. Financial intelligence centre of south africa skip ribbon commands. Financial intelligence finint is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. One of the main purposes of financial intelligence is to identify financial transactions that may involve tax evasion. Draft financial intelligence centre amendment bill national treasury. Establishment 1 a financial intelligence centre is hereby established as an institution outside the public service but within the public administration as envisaged in section 195 of the constitution. Registration with the fic enables accountable and reporting institutions to fulfil other fic act compliance obligations.
To amend the financial intelligence centre act, 2001, so as to define or further define certain expressions. Financial intelligence centre act the banking association south. Of the republic of namibia financial intelligence centre. Financial intelligence centre act 38 of 2001 south african.
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