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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 1 : Financial Intelligence Centre

3. Objectives

 

(1) The principal objective of the Centre is to assist in the—
(a) identification of the proceeds of unlawful activities;
(b) combating of money laundering activities and the financing of terrorist and related activities; and
(c) implementation of financial sanctions pursuant to resolutions adopted by the Security Council of the United Nations, under Chapter VII of the Charter of the United Nations;

[Section 3(1) substituted by section 2(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)]

 

(2) The other objectives of the Centre are—
(a) to make information collected by it available to—
(viii) the office of the Public Prosecutor;

to facilitate the administration and enforcement of the laws of the Republic;

[Section 3(2)(a) substituted by section 2(b) of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]

(aA) to administer measures requiring accountable institutions to freeze property and transactions pursuant to financial sanctions that may arise from resolutions adopted by the Security Council of the United Nations referred to in a notice contemplated in section 26A;

[Section 3(2)(aA) inserted by section 2(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)]

(b) to exchange information with bodies with similar objectives in other countries regarding money laundering activities, the financing of terrorist and related activities, and other similar activities.
(c) to supervise and enforce compliance with this Act or any directive made in terms of this Act and to facilitate effective supervision and enforcement by supervisory bodies.