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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

34. Intervention by Centre

 

(1) If the Centre, after consulting an accountable institution, a reporting institution or a person required to make a report in terms of section 28 or 29, has reasonable grounds to suspect that a transaction or a proposed transaction may—
(a) involve—
(i) the proceeds of unlawful activities or property which is connected to an offence relating to the financing of terrorist and related activities; or
(ii) property owned or controlled by or on behalf of, or at the direction of a person or entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in a notice referred to in section 26A(1); or
(b) constitute—
(i) money laundering; or
(ii) a transaction contemplated in section 29(1)(b),

it may direct the accountable institution, reporting institution or person in writing not to proceed with the carrying out of that transaction or proposed transaction or any other transaction in respect of the funds affected by that transaction or proposed transaction for a period  not longer than 10 days as determined by the Centre, in order to allow the Centre to make the necessary inquiries concerning the transaction and, if the Centre considers it appropriate, to inform and advise an investigating authority or the National Director of Public Prosecutions.

 

(2) For the purposes of calculating the period of 10 days in subsection (1), Saturdays, Sundays and proclaimed public holidays must not be taken into account.

 

(3) Subsection (1) does not apply to the carrying out of a transaction to which the rules of an exchange licensed in terms of the Financial Markets Act, 2012 (Act No. 19 of 2012), apply.

 

[Section 33 substituted by section 23 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]