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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 3 : Reporting duties and access to information

28A. Property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council.

[Section 28A heading substituted by section 20(a) 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)]

 

(1) An accountable institution which has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of—
(a) any entity which has committed, or attempted to commit, or facilitated the commission of a specified offence as defined in the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004;
(b) a specific entity identified in a notice issued by the President, under section 25 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004; or
(c) 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),

must within the prescribed period report that fact and the prescribed particulars to the Centre.

[Section 28A(1) substituted by section 20(b) 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)]

 

(2) The Director may direct an accountable institution which has made a report under subsection (1) to report—
(a) at such intervals as may be determined in the direction that it is still in possession or control of the property in respect of which the report under subsection (1) had been made; and
(b) any change in the circumstances concerning the accountable institution's possession or control of that property.

 

(3)        An accountable institution must upon—

(a) publication of a proclamation by the President under section 25 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004; or
(b) notice being given by the Director under section 26A(3),

scrutinise its information concerning clients with whom the accountable institution has business relationships in order to determine whether any such client is a person or entity mentioned in the proclamation by the President or the notice by the Director.

[Section 28A(3) inserted by section 20(c) 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)]