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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

35. Monitoring orders

 

(1) A judge designated by the Minister of Justice for the purposes of the Regulation of Interception of Communications and Provision of Communication-related Information Act, 2002 (Act No. 70 of 2002), may, upon written application by the Centre, order an accountable institution to report to the Centre, on such terms and in such confidential manner as may be specified in the order, all transactions concluded by a specified person with the accountable institution or all transactions conducted in respect of a specified account or facility at the accountable institution, if there are reasonable ground, to suspect that—
(a) that person has transferred or may transfer to the accountable institution—
(i) the proceeds of unlawful activities;
(iii) 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);
(b) that account or other facility has received or may receive—
(i) the proceeds of unlawful activities;
(ii) property which is connected to an offence relating to the financing of terrorist and related activities; or
(iii) 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);
(c) that person is using or may use the accountable institution for money laundering purposes or for the financing of terrorist acts or for the purpose of any transaction contemplated in section 29(1)(b); or
(d) that account or other facility is being or may be used for money laundering purposes or for the financing of terrorist or related activities or for the purpose of any transaction contemplated in section 29(1)(b).

[Section 35(1) substituted by section 24 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) An order in terms of subsection (1) lapses after three months unless extended in terns of subsection (3).

 

(3) A judge referred to in subsection (1) may extend an order issued in terms of subsection (1) for further periods not exceeding three months at a time if—
(a) the reasonable grounds for the suspicion on which the order is based still exist; and
(b) the judge is satisfied that the interest of justice is best served by monitoring the person, account or facility referred to in subsection (1) in the manner provided for in this section.

 

(4) An application referred to in subsection (1) must be heard and an order must be issued without notice to or hearing the person or persons involved in the suspected money laundering activities.