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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

Part 2A : Financial sanctions

26B. Prohibitions relating to persons and entities identified by Security Council of the United Nations

 

(1) No person may, directly or indirectly, in whole or in part, and by any means or method—
(a) acquire, collect, use, possess or own property;
(b) provide or make available, or invite a person to provide or make available property;
(c) provide or make available, or invite a person to provide or make available any financial or other service;
(d) provide or make available, or invite a person to provide or make available economic support; or
(e) facilitate the acquisition, collection, use or provision of property, or the provision of any financial or other service, or the provision of economic support,

intending that the property, financial or other service or economic support, as the case may be, be used, or while the person knows or ought reasonably to have known or suspected that the property, service or support concerned will be used, directly or indirectly, in whole or in part, for the benefit of, or on behalf of, or at the direction of, or under the control of a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in a notice referred to in section 26A(1).

 

(2) No person may, directly or indirectly, in whole or in part, and by any means or method deal with, enter into or facilitate any transaction or perform any other act in connection with property which such person knows or ought reasonably to have known or suspected to have been acquired, collected, used, possessed, owned or provided for the benefit of, or on behalf of, or at the direction of, or under the control of a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in a notice referred to in section 26A(1).

 

(3) No person who knows or ought reasonably to have known or suspected that property is property referred to in subsection (1), may enter into, or become concerned in, an arrangement which in any way has or is likely to have the effect of—
(a) making it possible for a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in a notice referred to in section 26A(1) to retain or control the property;
(b) converting the property;
(c) concealing or disguising the nature, source, location, disposition or movement of the property, the ownership thereof or any interest anyone may have therein;
(d) removing the property from a jurisdiction; or
(e) transferring the property to a nominee.

 

[Section 26B inserted by section 17 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017) - effective 1 April 2019 (Notice No. 519, GG 42360, 29 March 2019)]