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FIC Amendment Bill (Tuesday, June 17, 2008) |
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To amend the Financial Intelligence Centre Act, 2001, so as to define or further define certain expressions; to clarify the applications of the Act in relation to other laws; to extend the objectives and functions of the Centre; to change the name of the Money Laundering Advisory Council; to clarify certain provisions; to update references to legislation; to provide for the sharing of information by the Centre and supervisory bodies; to provide for the issuance of directives by the Centre and supervisory bodies, to provide for the registration of accountable and reporting institutions; to clarify the roles and responsibilities of supervisory bodies; to provide for written arrangements relating to the respective roles and responsibilities of the Centre and supervisory bodies; to provide the Centre and supervisory bodies with powers to conduct inspections, and make applications to Court; to provide for administrative sanctions that may be imposed by the Centre and supervisory bodies; to establish an appeal board to hear appeals against decisions of the Centre or supervisory bodies; to make further provision for offences and to provide for matters connected therewith.
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GUIDANCE NOTE ON SUSPICIOUS TRANSACTION REPORTING (Tuesday, June 17, 2008) |
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The Financial Intelligence Centre has, in terms of its statutory function under section 4(c) of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), issued the guidance note in the Schedule. Money Laundering has been criminalised in section 4 of the Prevention of Organised Crime Act, 1998. A money laundering offence may be described as the performing of any act that may result in concealing the nature of the proceeds of crime or of enabling a person to
avoid prosecution or in the diminishing of the proceeds of crime. more... |
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Resolution 1803 Adopted by the UN Security Council at its 5848th meeting,on 3 March 2008 (Tuesday, March 11, 2008) |
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The Financial Intelligence Centre alerts financial institutions to Resolution 1803 passed by the United Nations Security Council on 3 March 2008. more... |
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Statement of 28 February 2008 released by the Financial Action Task Force (Monday, March 03, 2008) |
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The Financial Intelligence Centre draws the attention of accountable institutions as defined in the FIC Act and in particular, South Africa's financial institutions, to the statement of 28 February 2008 released by the Financial Action Task Force which highlights deficiencies in the anti-money laundering and combating of terror financing systems in certain jurisdictions and in particular to the requirement for enhanced scrutiny of transactions involving financil institutions in Uzbekistan, Iran and the Northern part of Cyprus. more... |
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Financial Intelligence Centre Annual Report 2006/2007 (Monday, September 17, 2007) |
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The establishment of the Centre is rooted in an international effort to combat organised crime and money laundering.
The purpose of building the Centre and of implementing the measures contained in the FIC Act and the POC Act, which criminalises the act of money laundering, was to create measures and tools to assist in breaking up organised crime. By so doing, the country's authorities would be able to ensure the sound health of a financial system by preventing it from being contaminated and undermined by funds from criminal activities. Also, countries recognised during the 1980s that the solution to the money laundering problem would not be found by individual countries working in isolation; instead it would require extensive international cooperation. more... (20,910kb) |
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Extract from Minister of Finance budget vote speech to Parliament (reference to the Financial Intelligence Centre) (Friday, May 25, 2007) |
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Allow me to add a few remarks on the Financial Intelligence Centre. The Centre has made significant progress since its establishment in 2003. We can see the increased levels of interaction between accountable institutions, supervisory bodies and the FIC and the positive effects of this. Reporting to the Centre has improved consistently, while the Centre itself has continuously enhanced the quality of its referrals to the competent authorities for investigation.
However, when we in Parliament passed the FIC Act in November 2001 we did not fully appreciate the future roles and responsibilities of the various supervisory bodies, as scheduled in the Act or the Centre. My intention is to introduce into Parliament this year a first round of amendments to the FIC Act to remedy this situation. more... |
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Proclamation under section 25 of POCDATARA (Friday, 22 December 2006) (Tuesday, January 16, 2007) |
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Government Gazette Notice (Proc R51 in GG 29500 of 22 December 2006), that was issued in terms of the Protection of Constitutional Democracy Against Terrorist and Related Activities Act 33 of 2004.
The abovementioned notice relates to the changes made to the "entities identified list by the United Nations Security Council (UN List 1267)" and where the relevant information can be obtained. more... |
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Consultation Document : Proposed amendments to the Financial Intelligence Centre Act, 2001 (Tuesday, December 05, 2006) |
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This consultation document is aimed at eliciting comments on proposals to amend the Financial Intelligence Centre Act, 2001 (“the FIC Act”). The comments received will be used to enhance and refine the Centre’s proposals before embarking on a process to introduce draft legislation into the legislative process. The views, conclusions and proposals in this document should therefore not be regarded as the Centre’s final views.
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Exemption in terms of the Financial Intelligence Centre Act, 2001, to accommodate the small business tax amnesty (Friday, October 13, 2006) |
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Kindly take note that by Government Notice 1035, published in the Government Gazette No. 29299 on 13 October 2006, the Minister of Finance has issued an exemption from the reporting obligations under section 29 of the Financial Intelligence Centre Act No 38 of 2001 (the “FIC Act”), in respect of the Small Business Tax Amnesty and Amendment of Taxation Laws Act, 2006 (Act No 9 of 2006) (the “Small Business Tax Amnesty Act”).
(Detailed / Summary) |
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Financial Intelligence Centre: Annual Report 2005 - 2006 (Thursday, September 07, 2006) |
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It is now more than three years since the Financial Intelligence Centre (“the FIC” or “the Centre”) commenced its operations.The past year marks yet another significant step forward for the Centre as it seeks to achieve its mission, which is to -
“establish and maintain an effective policy framework and operational capacity to provide high quality, timeous financial intelligence for use in the fight against crime, money laundering and terror financing in order for South Africa to protect the integrity and stability of its financial system, develop economically and be a responsible global citizen”. The challenges and tasks have been many, often emerging suddenly and unannounced, but the Centre and its staff can look back on its several achievements with pride. more... (1,413kb) |