From TPM DC By DANIEL STRAUSS December 15, 2014 Sen. Elizabeth Warren's (D-MA) all-out push...
Financial Intelligence Centre Act No. 38 of 2001
(amended through 2004)
The Financial Intelligence Centre Act No. 38 of 2001 (FICA) establishes the Financial Intelligence Centre as well as a Money Laundering Advisory Council and imposes duties on various institutions to combat money laundering and terrorist financing in South Africa.
This act is organized as follows:
- Chapter 1 Financial Intelligence Centre;
- Chapter 2 Money Laundering Advisory Council;
- Chapter 3 Money Laundering Control Measures;
- Chapter 4 Offences and Penalties; and
- Chapter 5 Miscellaneous.
The schedules are the following:
- Schedule 1 List of Accountable Institutions;
- Schedule 2 List of Supervisory Bodies;
- Schedule 3 List of Reporting Institutions; and
- Schedule 4 Amendment of Laws.
Under Section 74 of FICA the Minister of Finance is empowered to make exemptions for qualifying institutions. A number of these exemptions have been published, including those pertaining to banks, and can be found in the Government Gazette.
The Regulations in Terms of the Financial Intelligence Centre Act No. 38 of 2001 were promulgated in 2002 and can be found under “Related Laws/Regulations.”
An amendment, the Financial Intelligence Centre Amendment Act No. 11 of 2001 was enacted in 2008 and can be found under “Related Amendments.”