HIGH-VALUE GOODS DEALERS: FIC ISSUES COMPLIANCE COMMUNICATION

HIGH-VALUE GOODS DEALERS: FIC ISSUES COMPLIANCE COMMUNICATION

• 02 April 2024
• Financial Sector
• SA Legal Academy

The Financial Intelligence Centre (FIC) has issued a public compliance communication intended to provide guidance on what is meant by the term ‘high-value goods dealer’ in the context of Schedule 1 to FIC Act, 2001 (list of accountable institutions). This is noting that Schedule 1 was amended by a Government Gazette notice issued by National Treasury in November 2022.

According to an accompanying notice, the document:

• includes examples of potential money laundering, terrorist financing and weapons of mass destruction proliferation risks faced by dealers in high-value goods, and
• where appropriate, reflects input received during consultations on a draft version released in December 2022.

The FIC Act’s revised Schedule 1 has been in force since 19 December 2022.

• compliance communication
• notice
• consultation feedback
• National Treasury notice amending Schedule 1

Published by SA Legal Academy Policy Watch

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