FINANCIAL INTELLIGENCE CENTRE ACT 38 OF 2001

The purpose of the Financial Intelligence Centre Act is to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities: to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.

Establishment

(1) A Financial Intelligence Centre is hereby established as an institution outside the public service but within the public administration as envisaged in section 195 of the Constitution.
(2) The Centre is a juristic person.

Objectives

(1) The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities.
(2) The other objectives of the Centre are-
(a) to make information collected by it available to investigating authorities, the intelligence services and the South African Revenue Service to facilitate the administration and enforcement of the laws of the Republic;
(b) to exchange information with similar bodies in other countries regarding money laundering activities and similar offences.

Functions

To achieve its objectives the Centre must-
(a) process, analyse and interpret information disclosed to it, and obtained by it, in terms of this Act;
(b) inform, advise and cooperate with investigating authorities, supervisory bodies, the South African Revenue Service and the intelligence services;
(c) monitor and give guidance to accountable institutions, supervisory bodies and other persons regarding the performance by them of their duties and their compliance with the provisions of this Act;
(d) retain the information referred to in paragraph (a) in the manner and for the period required by this Act.

Source: SABINET