The Financial Intelligence Centre Amendment Act, 1 of 2017 (“the Amendment Act”) was signed into law by the President and published on 2 May 2017. Some of its provisions came into effect on 13 June 2017 while the majority of the remaining provisions will come into effect on 2 October 2017.
Why was it necessary to amend the Financial Intelligence Centre Act (“FICA”)?
South Africa is a member of the Financial Action Task Force (“FATF”), an international body that develops and promotes measures to combat money laundering, terrorist financing and other threats to the integrity of the international financial system. Read more