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LEGAL PRACTITIONERS: FINANCIAL INTELLIGENCE CENTRE GUIDELINES ISSUED
- 18 October 2023
- Practice Management
- SA Legal Academy
The Financial Intelligence Centre (FIC) has issued a communication providing guidance on ‘the practical interpretation and application of the definition of legal practitioner for purposes of the FIC Act’, 2001. This is noting the inclusion of legal practitioners in the Act’s amended Schedule 1, which was gazetted in November 2022 and came into effect the following month. Schedule 1 lists institutions and persons accountable to the FIC, required to register with the centre and to whom certain reporting obligations apply.
The communication includes an overview of ‘vulnerabilities’ faced by legal practitioners in the context of efforts to curb money laundering, terrorist financing and its proliferation.
A separate communication provides guidance on the registration process.
- communication specific to legal practitioners
- amended Schedule 1
- communication on registration process
Published by SA Legal Academy Policy Watch