What is the purpose of the Financial Intelligence Centre Act 2001?
The Purpose of the Financial Intelligence Centre Act is to: assist in the identification of the proceeds of unlawful activities; combat money laundering; and combat the financing of terrorist and related activities.
What is Financial Intelligence Act?
To establish a Financial Intelligence Centre in order to combat money laundering activities. and the financing of terrorist and related activities; to impose certain duties on institutions. and other persons who might be used for money laundering purposes and the financing.
When did the amendment of the Financial Intelligence Centre Act become effective?
The Financial Intelligence Centre Act of 2001 (“FICA”) was amended by the Financial Intelligence Centre Amendment Act of 2017 (the “Amendment”), which provided for certain provisions of the Amendment to come into effect. On 1 April 2019, other provisions of the Amendment came into effect.
Why do people launder money?
When they make money from crime, criminals use it for one of three purposes – to invest in another crime, to hide to use later or to spend now. Tax evaders launder money so that they can lie about where money and assets came from in order to evade tax.
What does FIC stand for in finance?
FIC
| Acronym | Definition |
|---|---|
| FIC | Finance and Investment Company (Kuwait) |
| FIC | Family of International Classifications (World Health Organization) |
| FIC | Fractal Image Coding |
| FIC | Flow-Induced Crystallization |
What is the purpose of the Banks Act?
To provide for the regulation and supervision of the business of public companies taking deposits from the public; and to provide for matters connected therewith.
What are the consequences of non compliance with the FIC Act?
The Financial Intelligence Centre (FIC) specifically states that non-compliance with the FIC Act could lead to:
- A public reprimand.
- A remediation directive.
- The restriction or suspension of certain business activities.
- Financial penalty of up to R10 million for a natural person or up to R50 million for a legal person.
What are FICA requirements?
Valid passport; Valid asylum seeker or refugee permit; Valid work permit. Copy of birth certificate or valid ID document or adoption certificate (if applicable). Letter confirming legal guardianship (if applicable). ID document of the guardian or parent.
Why do drug dealers launder money?
Drug dealers can utilise their laundered money as legitimate income at this stage of integration. They may use these monies to buy luxurious assets, items, or homes that will not attract much attention or appear suspicious to the authorities.
What was the Financial Intelligence Centre Act of 2001?
The Financial Intelligence Centre Act 38 of 2001 intends: to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes;
How does the Financial Intelligence Centre Act ( FICA ) work?
As part of the FATF, FICA gives the FIC a role in the international fight against money laundering. The FIC works with a global network of authorities and partners, sharing intelligence and helping to develop new AML/CFT strategies.
Why was the FIC Act introduced in South Africa?
The FIC Act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. The FIC Act brings South Africa in line with similar legislation in other countries designed to reveal the movement of monies derived from unlawful activities and thereby curbing money laundering
When does Section 79 of the Financial Intelligence Act take effect?
3 Dec 2001, however Section 79 does not take effect before the date on which Section 29 takes effect; and Section 21 (2) takes effect one year after Section 21 (1) takes effect. 1 February 2002, Section 1 to 20, 72 to 78 and 80 to 82 (Gazette 23078 of 31 January 2002)