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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

29. Suspicious and unusual transactions

 

(1) A person who carries on a business or is in charge of or manages a business or who is employed by a business and who knows or suspects that—
(a) the business has received or is about to receive the proceeds of unlawful activities;
(b) a transaction or series of transactions to which the business is a party—
(i) facilitated or is likely to facilitate the transfer of the proceeds of unlawful activities;
(ii) has no apparent business or lawful purpose;
(iii) is conducted for the purpose of avoiding giving rise to a reporting duty under this Act; or
(iv) may be relevant to the investigation of an evasion or attempted evasion of a duty to pay any tax, duty or levy imposed by legislation administered by the Commissioner for the South African Revenue Service;
(vi) relates to the contravention of a prohibition under section 26B; or

[Section 29(1)(b)(vi) inserted by section 21(b) of the Financial Intelligence Amendment Act, 2017 (Act No. 1 of 2017) - effective 1 April 2019 (Notice No. 519, GG 42360, 29 March 2019)]

(c) the business has been used or is about to be used in any way for money laundering purposes,

must, within the prescribed period after the knowledge was acquired or the suspicion arose, report to the Centre the grounds for the knowledge or suspicion and the prescribed particulars concerning the transaction or series of transactions.

 

(2) A person who carries on a business or is in charge of or manages a business or who is employed by a business and who knows or suspects that a transaction or a series of transactions about which inquiries are made, may, if that transaction or those transactions had been concluded, have caused any of the consequences referred to in subsection (1)(a), (b) or (c), must, within the prescribed period after the knowledge was acquired or the suspicion arose, report to the Centre the grounds for the knowledge or suspicion and the prescribed particulars concerning the transaction or series of transactions.

 

(3) No person who made or must make a report in terms of this section may, subject to subsection 45B(2A), disclose that fact or any information regarding the contents of any such report to any other person, including the person in respect of whom the report is or must be made, otherwise than—

[Words preceding subsection (3)(a) substituted by the Financial Intelligence Amendment Act, 2017 (Act No. 1 of 2017)]

(a) within the scope of the powers and duties of that person in terms of any legislation;
(b) for the purpose of carrying out the provisions of this Act;
(c) for the purpose of legal proceedings, including any proceedings before a judge in chambers; or
(d) in terms of an order of court.

 

(4) No person who knows or suspects that a report has been or is to be made in terms of this section may disclose that knowledge or suspicion or any information regarding the contents or suspected contents of any such report to any other person, including the person in respect of whom the report is or is to be made, otherwise than—
(a) within the scope of that person's powers and duties in terms of any legislation;
(b) for the purpose of carrying out the provisions of this Act;
(c) for the purpose of legal proceedings, including any proceedings before a judge in chambers; or
(d) in terms of an order of court.