Financial Intelligence Centre Act

Introduction to the Financial Intelligence Centre Act

The Financial Intelligence Centre Act (38 of 2001) (the FIC Act) came into effect on the 1st of July 2003. The FIC Act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.

The FIC Act brings South Africa in line with similar legislation in other countries designed to reveal the movement of monies derived from unlawful activities and thereby curbing money laundering and other criminal activities. 

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Please note that is only as a brief summary of the main provision of the Code and should not be relied upon as a legal document. There are many other provisions and exemptions under the Code. For more detailed information and the full Code please download the Code of Banking Practice.

Legislation Info

© The Banking Association South Africa 2015