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FINANCIAL INTELLIGENCE CENTRE AMENDMENT ACT: MORE SECTIONS IN FORCE
- 19 August 2023
- Financial Sector
- SA Legal Academy
Sections 6 and 43 of the Financial Intelligence Centre Amendment Act, 2017, came into effect on 18 August 2023 by proclamation in the Government Gazette.
Section 43 inserts a new section 56 in the principal statute, which now provides that an accountable institution failing to report the prescribed information in respect of an electronic transfer of money is not only guilty of an offence but also:
- non-compliant, and
- subject to an administrative sanction.
Section 6 simply changes the heading of the principal statute’s Chapter 3 to: ‘Money laundering, financing of terrorist and related activities and financial sanctions control measures’.
Published by SA Legal Academy Policy Watch
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