Chapter Name: Financial Intelligence Centre Act, 38 of 2001 (FICA)
Description:Establishes the Financial Intelligence Centre to combat money laundering and terrorist financing.
Purpuse:To impose duties on institutions to detect and prevent money laundering activities.
Rational:Enhances financial system integrity and aligns with international standards.
Chapters Topics
Financial Intelligence Centre
Describes the role of the Financial Intelligence Centre (FIC), which is responsible for monitoring and enforcing anti-money laundering and counter-terrorism financing laws in South Africa.
Money laundering, terrorist financing and financial sanctions
Explains how FICA addresses the prevention of money laundering, financing of terrorism, and the enforcement of financial sanctions to maintain the integrity of the financial system.
Compliance and enforcement
Discusses the obligations of businesses to comply with FICA regulations and the enforcement actions that the Financial Intelligence Centre can take to ensure compliance.