Financial Intelligence Centre Amendment Draft Bill, 2015

The National Treasury (“NT”) and the Financial Intelligence Centre (“FIC”) has published the draft Financial Intelligence Centre Amendment Bill, 2015 (“the Bill”) as approved by Cabinet at its meeting of 15 April 2015, and is asking you to comment.

The Bill seeks to amend the Financial Intelligence Centre Act, 2001, so as to:
▪ define or further define certain expressions;
▪ extend the objectives of the Centre so as to provide for the Centre to assist in the implementation of financial sanctions and to administer measures pursuant to resolutions adopted by the security Council of the United Nations;
▪ extend the functions of the Centre so as to provide guidance to accountable institutions in respect of the freezing of property and transactions pursuant to resolutions adopted by the Security Council of the United Nations;
▪ delete provisions relating to the Counter Money Laundering Advisory Council;
▪ provide for a risk based approach to client identification and verification;
▪ provide for the strengthening of customer due diligence measures including making provision for the customer due diligence measures in respect of beneficial ownership and prominent persons;
▪ provide for the obligation to keep identity and verification records as well as transaction records;
▪ set out the procedure in respect of financial sanction control measures pursuant to the notification of persons and entities identified by the Security Council of the United Nations;
▪ provide for Risk Management and Compliance Programs, governance and training relating to anti-money laundering and counter terrorist financing;
▪ provide for a warrant to conduct inspections;
▪ provide for a financial penalty to be paid into the National Revenue Fund;
▪ provide for further procedural issues in respect of appeals; to make further provision for offences.

Find documents here: Media Statement: Draft Financial Intelligence Centre Amendment Bill, 2015
                                  Draft Financial Intelligence Centre Amendment Bill
                                  Financial sector assessment program: Anti-money laundering and combating the Financing of terrorism (AML/CFT) — Technical Note
                                  Memo on Objects Financial Intelligence Centre Amendment Bill
                                  Mutual Evaluation Report - South Africa (26 February 2009)
                                 

Comments can be emailed to Mr Raymond Masoga at [email protected] by no later than Sunday, 31 May 2015.

Issued by: National Treasury and Financial Intelligence Centre