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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

26C. Permitted financial services and dealing with property

 

(1) The Minister may, in writing and on the conditions as he or she considers appropriate and in accordance with a resolution of the Security Council of the United Nations contemplated in a notice referred to in section 26A(1), permit a person to conduct financial services or deal with property referred to in section 26B in the circumstances referred to in subsection (2).

 

(2) The Minister may permit the provision of financial services or the dealing with property if it is necessary to—
(a) provide for basic expenses, including, at least—
(i) foodstuffs;
(ii) rent or mortgage;
(iii) medicines or medical treatment;
(iv) taxes;
(v) insurance premiums;
(vi) public utility charges;
(vii) maintenance orders;
(viii) reasonable professional fees, and
(ix) reimbursement of expenses associated with the provision of legal services;
(b) satisfy a judgment or arbitral award that was made before the date on which the person or entity was identified by the Security Council of the United Nations;
(c) make a payment to a third party which is due under a contract, agreement or other obligation made before the date on which the person or entity was identified by the Security Council of the United Nations;
(d) accrue interest or other earnings due on accounts holding property affected by a prohibition under section 26B;
(e) make a payment due to a person or entity affected by a prohibition under section 26B by virtue of a contract, agreement or other obligation made before the date on which the person or entity was identified by the Security Council of the United Nations: Provided that the payment is not directly or indirectly being received by that person or entity.
(3) The Minister may permit the provision of financial services or the dealing with property under subsection (1) on his or her own initiative or at the request of a person affected by a prohibition under section 26B.

 

(4) The Director must, by appropriate means of publication, give notice of the Minister's permission of the provision of financial services or the dealing with property under subsection (1).

 

(5)
(a) The Minister may, in writing, delegate any power conferred in terms of this section, to the Director.
(b) A delegation in terms of paragraph (a)–
(i) is subject to any limitations or conditions that the Minister may impose;
(ii) does not divest the Minister of the responsibility concerning the exercise of the delegated power or the performance of the assigned duty.
(c) The Minister may vary or revoke any decision taken by the Director as a result of a delegation in terms of paragraph (a), subject to any rights that may have vested as a consequence of the decision.

 

[Section 26C 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)]