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

Chapter 5 : Miscellaneous

74. Exemptions for accountable institutions


(1) The Minister may, after consulting the Centre, and on conditions and for a period determined by the Minister, exempt from compliance with—
(a) any of the provisions of this Act
(i) a person;
(iii) a category of persons or accountable institutions;
(b) any or all of the provisions of this Act, a person or category of persons or an accountable institution or category of accountable institutions in respect of any one or more categories of transactions.


(2) Any exemption referred to in subsection (1)—
(a) must be by notice in the Gazette and may be withdrawn or amended by the Minister, after consulting the Centre; and
(b) must be tabled in Parliament before being published in the Gazette.


(3) Before the Minister issues, withdraws or amends an exemption referred to in subsection (1), the Minister must—
(a) in the Gazette, give notice where a draft of the exemption or withdrawal notice of an exemption will be available and invite submissions; and
(b) consider submissions received.


[Section 74 substituted by section 54 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]