money laundering act south africa pdf

Against this backdrop, KPMG conducted an AML survey in 11 African countries, namely South Africa, Angola, Botswana, Mauritius, Zambia, Kenya, Tanzania, Uganda, Rwanda, Ghana and Nigeria. H�b```f``9��*��ˀ �,l@̱��[ڸG��yC��;:�@�8�). 402 CAPE TOWN. Duty to report international transfer of funds and securities. (Assented to 6 November 1996) BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:-CHAPTER 1. 121 of 1998: Prevention of Organised Crime Act. 1) An Electronic Funds Transfer(EFT) is the most common type of money transfer. The Proceeds of Crime Act (No. h��Y}PSW/y ��@��@�:[P�"ME�(�*E]7 ��el�tA6�V�b�@;lE��C��ӭ;i�Զ��v��:�vW��vg�{��'Vw�nF�ν��s��߹�9�0L �mń&| �cяab��$��~��ñ��c��܋�%�OO�c 0000005548 00000 n Colloquially referred to as POCDATARA, the Act adapts the framework around which anti-money laundering measures against tainted funds are constructed. 2. I Mahomed Chairperson 31 August 1996 . THE SOUTH AFRICAN ANTI-MONEY LAUNDERING REGULATORY FRAMEWORK RELEVANT TO POLITICALLY EXPOSED PERSONS By Christelle Ahlers Student Number 10569741 Submitted in partial fulfilment of the requirements for the degree MPhil in Fraud Risk Management In the FACULTY OF ECONOMIC AND MANAGEMENT SCIENCES Department of Auditing At the UNIVERSITY OF PRETORIA The Financial Intelligence Centre Act (38 of 2001) (the FIC Act) came into effect on the 1st of July 2003. 121 of 1998); 1. Among its major findings were: South Africa has made good progress in developing its system for combating money laundering (ML) and … OFFICE OF THE PRESIDENT 579. There are three regional bodies within Africa that are working to combat money laundering. 0000000967 00000 n 0000009748 00000 n 0000009769 00000 n ?��`�@�� w��nd~XX�v�v��b��M�� b̦��L h��!4� MONEY LAUNDERING (PROHIBITION) ACT, 2011 ARRANGEMENT OF SECTIONS SECTION: PART 1 – PROHIBITION OF MONEY LAUNDERING 1. 0000001223 00000 n %PDF-1.6 %�� Vienna Convention (1988). Application of Act Definitions 1. There are 3 main acts to consider when dealing with money laundering in South Africa The prevention of organized Crime Act (POCA) No 121 of 1998; Money laundering promotes criminal activities in South Africa because it allows criminals to keep the benefits that they acquired through their criminal activities. endstream endobj startxref 0 %%EOF 1480 0 obj <>stream However, South Africa was able to address all its challenges through the implementation of the FIC Amendment Act … 0000001570 00000 n ?�#1}��)77�5p��U�� |B|\�/��c��D?��O��M:��ϙ��}Y�M��C��c�̱��'H�L�7��Ɓ+�k��[��]�Ҏ��H`y�>J��4L�DB�D��Z~�K݇`1X��?TԤ�p�}�j�(��,pj��N��F�d��m�g��-Iᐯ�,{��Vw��U^�|��h��6��pH敠��E/D�9_D��$�=xa8�_YV[~��İg��H�ݧ6u�@?�@�r�nfL��cS,�GH��)ʧ|�Y��M��P��]��'F��C��nOd@N��V`B�%�~��u��m�ҋ��J��A�=�/)5O��m �H�!W�1WOB�M�K��S��y�gɳs2��h&�1�T|�{q�� ensure compliance with the requirements of South African anti-money-laundering legislation. %PDF-1.4 %�� 0000002489 00000 n �n��"w��d�� (English text signed by the President.) Occasional cash transaction by designated non-financial institutions The South African anti-money laundering (AML) and combating of financing of terrorism (CFT) laws create a comprehensive legal framework for the combating of money laundering (ML) and financing of terrorism (FT). �^��0+/6s(��Na�wV��B�J�d��,� ��Ŧ�B��vlў�2�n��nX�R~��bH�(_8 (1) In this Act, unless the context indicates otherwise- (i) "affected gift" means any gift- 0000008161 00000 n The money laundering legislation First of all the money laundering legislation, does not act upon the crime itself it deals with the process of the crime. 38 OF 2001) As amended by the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Act No. 0000010431 00000 n Money laundering and terrorist financingcontrolinSouthAfrica Money laundering trends in South Africa • Practical examples • Money laundering in different industries and sectors The Prevention of Organised Crime Act No. POCA and FICA are the two statutes that primarily govern South Africa’s AML framework. 108 of 1996); “prescribed” means prescribed by the Minister by regulation in terms of section 77; 20 “Prevention Act” means, the Prevention of Organised Crime Act, 1998 (Act No. y�jw:�EwSCN/pH<1m{��y�[��Y[�U�8LY�zU�s|r�@��6��I��^bL6��-��Qk�BΘ��r k'ڨ ��S٬��K�Pb��܋�Lu��䴚V�֎X�;/�3��&e�׻��Xb֞��/p��N��|�wH�-+�)�d�r>"�&��s�9�fΓB��N�^�^��d�u�ٮM{.ܻ �[^B�z��q�|өRҟ�D�+Y H�\� PWǻ��E#C�uڝ��g� ȸ�*0ƌ�rȍD`�C��q�AAD��!� Laws of South Africa (Legislation) Lesotho Law (LesLII) Liberian Law (LiberLII) Malawian Law (MalawiLII) Namibian Law (NamibLII) Nigerian Law (NigeriaLII) Sierra Leone Law (SierraLII) South African Law (SAFLII) Seychelles Law (SeyLII) ��3��2��KU_��Ӎ��ʖ��r��Xx2�P,�Ƚ9e��P�f�X�AT�IЀڑI/U#۠U�2�O5��J� ԝ-'��A�Q �Դ�e��V C��2��N��̀�y�0dZ7�L��NOz"[DM�j qkUʇ$�q��b�w� South Africa: Anti-Money Laundering Laws and Regulations 2020. 0000009223 00000 n Identification of customers. POCA prohibits two main money-laundering offences: general money laundering offences involving the proceeds of any unlawful conduct; and Money transfers can occur in several ways and for many different reasons. The grafting process was accomplished in South Africa by the advent of the Protection of Constitutional Democracy against Terrorist and Related Activities Act (Act 33 of 2004), which became effective in May 2005. 4 DECEMBER 1998 No. 4. ��@1��|�� e��W?JK*T��?u��i܊�M�a7ԉ�eo�83Q��ײ�e�nv5uS��qi��U�j�+�!a��4JwKz�-U7qH֬ f��m��X�=�j��B�;��G��%>��B�� To this end nine issues in relation t o mo ney launder ing c ontrol and banks a re inve stiga ted. 4 December 1998 It is hereby notified that the President has assented to the following Act which is hereby published for generalinfor- mation:— No. The same measures relating to … Nowadays, money mules play a key role in this context. 33 of 2004), the Financial Intelligence Centre Amendment Act, 2008 (Act No. 0000008684 00000 n 0000008663 00000 n The FIC Act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. South Africa’s Prevention and Combating of Corrupt Activities Act (Precca) places an obligation on all people in positions of authority in both the public and private sector to report suspected corruption to the police if it involves more than R100 000. 76 of 1996) criminalizes money laundering for all serious crimes. 0000007091 00000 n 0000008140 00000 n 19553 … Limitation to make or accept cash payment. 0000002128 00000 n 3. AND WHEREAS the South African common law and statutory law fail to deal effectively with organised crime, money laundering and criminal gang activities, and also fail to keep pace with international measures aimed at dealing effectively with organised crime, money laundering … idiosyncrasies of the South African anti-money laundering regime and forwards recommendations aimed at improving its structure. Financial Intelligence Centre Amendment Act, 2017 (Act No. The Financial Intelligence Centre Act 38 of 2001 (“ FICA ”) designates certain statutory bodies and functionaries as ‘supervisory bodies’ and requires them to report suspicious transactions conducted by the institutions which they oversee. The South African Law of Evidence, 4 ed, p 248. The South African Government (SAG) estimates that between $2 and $8 billion is laundered each year through South African financial institutions. 38 of 2001); Legislative measures and institutions aimed at combatting money laundering and terrorism; 0000006079 00000 n Money laundering in the Republic of South Africa is a hot spot for money laundering related activities, including the narcotics trade, smuggling, human trafficking, and diamond dealings. A total of 59 banks responded to the survey. Centre Act 38 of 2001 (FICA) and similar laws passed by countries around the world make the process of laundering the proceeds of crime more difficult. e�NO��!�cb�R!ѩ�)�Z�)� Ba�x��t�b&A�� > w��$/��c�`1*"""��Mȉ"�4)%��Wv��J��I**��/�%�Xl��z1N�э�&��6gڶi�|�^�[�y�T�P��*�� h�bbd``b��u@��Dl�{�w��/��4 Q��7��/� �� f��QT�=�@亦�� q�T �i6��b!� 7T��rC�� #8��#��. 0000007640 00000 n It finds that South Africa and Lesotho have both experienced challenges in the fight against money laundering and terrorist financing in line with these international standards. It takes place through a variety of schemes which include the use of banks. 0000010333 00000 n 121 of 1998), which confirms the criminal character of money laundering, mandates … 0000001591 00000 n Ensuring that the banking system cannot be used for money laundering and terrorist financing The investigation fundamentally reveals that money laundering control holds unforeseen consequences for banks. Free African Law. Ghana Law (GhaLII) Kenya Law. 5. Ibid, note 1 at 259ff, 1988. Duties incumbent upon casinos. �0�Ք̃��[��~��+�ݝ�s�g��X��OI�x��k��ӝ#�;f�fL:�\3n�g7ꦏ��@�� ICLG - Anti-Money Laundering Laws and Regulations - covers issues including criminal enforcement, regulatory and administrative enforcement and requirements for financial institutions and other designated businesses in 26 jurisdictions. 0000002149 00000 n I am honoured to submit to you in terms of section 7(1) of the South African Law Commission Act, 1973, (Act 19 of 1973), for your consideration the Commission’s report on the investigation into money laundering and related matters. �X�>�-f2aq��≍��:�7.p�k�X��E�o|��u&�Y\��l�ݓ$~+^��cC_��.$�r3Wu�LOx�|#1C�W��0v��ƽ��[�d��u��*0-$��KP��R�I��!�*�S +ǖ��WL�L}�k1�Ĳ4��8�~�)��I� �sM��\��YS�FP�9��*� �x�g��!U��E��y��$6��\�uO?��S��ί��e�d��SE��1��(� MQ�U��/��y��Ӿ`�g�h�b��ju��q9��BZ��w��f�{R&�m�� 2;scG��)�ZJcO%e5T`O^w�[�"��m��*��=�:�п�~�Ken��0制�8q�6UhQ��3�6�)�Q�,�!�LZ"ڜ��͹Z2��_�^�*Y]B��$��u��&z% ��{�Na�8%��ĺ+�O\Y��'�1��P�ӸO�0״T˔��E�kԧ'|�g��ɘ��ް�7y��ԧ��&��,��/ϼ��wg��/-o\��`x��go4�ޡ�7s�׼xHi�g�~2J��H�o ��&1�{�S�Mlp��Yi.��I��M�s��Lz5�g��Pߧ}�Gz��G#"�:�Y��Hߟ:�Yi8x�V�R_+,�@��^'3AÄ��u�_��`��P�� Going back to the roots. 0000001948 00000 n 19553 No. 38 of … x+٬ă�Z��h,�jm�r�5y�v�Hv��ꫪ��׿�}��$��$g+7m��PMb�G~{㵶�O��o��Hp�x��-T>W'BL��_p��*��-��ߖ(�n�E 1 of 2017) ACT To establish a Financial Intelligence Centre in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing The Financial Intelligence Centre Act 38 of 2001 (FICA) is the South African Government's response to the continuing escalation of organised crime in South Africa. 3.13 Money Laundering. 0000001802 00000 n 1462 0 obj <> endobj 1472 0 obj <>/Filter/FlateDecode/ID[]/Index[1462 19]/Info 1461 0 R/Length 67/Prev 821829/Root 1463 0 R/Size 1481/Type/XRef/W[1 2 1]>>stream The primary purpose of POCA is to combat organised crime, money laundering and criminal gang activities. Prosecutions referred to in section 1’79 of the Constitution of the Republic of South Africa, 1996 (Act No. 0000007070 00000 n South African risk-based approach to countering money laundering; The Financial Intelligence Centre (FIC) And the FIC Act (Act No. The term Laundering is used to describe the action used by criminals to clean their “dirty” money without arousing suspicion. �2 ��+� This Act was supplemented by the Prevention of Organized Crime Act (no. These are people who act as intermediaries for criminal gangs, even when they are not aware of the fact they are laundering illegal funds. African Law (AfricanLII) Botswana e-Laws Ethiopian Law. 0000001076 00000 n REPUBLIC OF SOUTH AFRICA GOVERNMENT GAZETTE Registered at the Post Ofice as a Ne}v,spaper VOL. While a convenient form of money transfer, it requires both par… 1 No. In general, Money Laundering refers to any and every act that changes or disguises the criminal nature or location relating to the proceeds of a crime. South Africa now has a money laundering control law in the form of FICA, which puts the country in line with worldwide trends to fight this sort of activity. The Financial Action Task Force (FATF) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) have jointly assessed the implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) standards in South Africa. Commercial crime poses a significant threat to the stability of any financial system and democratic institutions, and as such, this course looks at strategies to combat these crimes by targeting illegal proceeds and removing the profit element. Below is a list of the most common ways of transferring money. 43 0 obj << /Linearized 1 /O 46 /H [ 1223 368 ] /L 39813 /E 11154 /N 9 /T 38835 >> endobj xref 43 31 0000000016 00000 n Centre Act, 2001 and the Money Laundering and Terrorist Financing Control Regulations” 4 FICA FINANCIAL INTELLIGENCE CENTRE ACT, 2001 (Act No. �4�@� �s�b�G݆�ms ��uʷ�N��kN��e�O�,.O�L�t�J��W�a�0j. 0000010354 00000 n 121 of 1998 (POCA) The Financial Intelligence Centre Act No. trailer << /Size 74 /Info 42 0 R /Root 44 0 R /Prev 38825 /ID[<8a074cf774bf3d2e1085e2c2c200cac7><408e5a54898a384b1adff7ad8fb1a842>] >> startxref 0 %%EOF 44 0 obj << /Type /Catalog /Pages 41 0 R /Outlines 36 0 R /AcroForm 45 0 R /Metadata 40 0 R >> endobj 45 0 obj << /Fields [ ] /DR << /Font << /ZaDb 37 0 R /Helv 38 0 R >> /Encoding << /PDFDocEncoding 39 0 R >> >> /DA (/Helv 0 Tf 0 g ) >> endobj 72 0 obj << /S 175 /O 258 /V 274 /Filter /FlateDecode /Length 73 0 R >> stream 0000010509 00000 n South Africa’s Financial Intelligence Centre Act (FICA) was introduced in 2001, establishing the country’s Financial Intelligence Centre (FIC) and introducing a basic framework to bring the country’s AML/CFT regulations into alignment with those of the wider international community. e�:�� ͒��(�=iY�BPh�r��!��@��HeQ��}|�gP�x\��p�0�0�,��OUV�N�յ4��|��i�8�( �EkT�١�B��bI�M��# M��h_�U�W g~]XL��@|��*��o7 9��'aD��%�QX-8�7N�k[�kG}o�D��i money laundering; and for an obligation to report certain information; and to provide for matters connected therewith. �'�X)��'K�o"�Qh�-4bT��*;L��d�� 1998. Published: 14/05/2020 0000007619 00000 n As world markets deregulate and countries become more integrated into a single financial, banking, communications and economic system, so the scope for international criminal activities has grown. The first step in the money laundering process is placement, or getting rid of the money. X�(��Z��m2�'�}Ƈ�00�30X0O�f��l��n ��Ga?��O��t�iF 6bU 8d�x J `�E� endstream endobj 73 0 obj 248 endobj 46 0 obj << /Type /Page /Parent 41 0 R /Resources 47 0 R /Contents [ 55 0 R 57 0 R 59 0 R 61 0 R 63 0 R 65 0 R 67 0 R 71 0 R ] /MediaBox [ 0 0 595 842 ] /CropBox [ 165 135 430 710 ] /Rotate 0 >> endobj 47 0 obj << /ProcSet [ /PDF /Text ] /Font << /F1 54 0 R >> /ExtGState << /GS1 70 0 R /GS2 69 0 R >> /ColorSpace << /Cs5 48 0 R >> >> endobj 48 0 obj [ /CalRGB << /WhitePoint [ 0.9505 1 1.089 ] /Gamma [ 2.22221 2.22221 2.22221 ] /Matrix [ 0.4124 0.2126 0.0193 0.3576 0.71519 0.1192 0.1805 0.0722 0.9505 ] >> ] endobj 49 0 obj 579 endobj 50 0 obj << /Type /FontDescriptor /Ascent 771 /CapHeight 723 /Descent -193 /Flags 262148 /FontBBox [ -306 -250 1295 924 ] /FontName /IMHPPK+LucidaSans-Bold /ItalicAngle 0 /StemV 193 /XHeight 542 /CharSet (/u/one/k/O/two/m/l/b/C/w/three/o/c/y/p/e/G/d/F/f/I/a/period/r/space/h/g/\ J/s/i/A/t/zero/M/n) /FontFile3 52 0 R >> endobj 51 0 obj << /Type /Encoding /Differences [ 1 /space /M /o /n /e /y /l /a /u /d /r /i /g /O /b /t /c /m /p /w /h /F /I /C /A /period /s /f /one /J /two /zero /three /k /G ] >> endobj 52 0 obj << /Filter /FlateDecode /Length 2780 /Subtype /Type1C >> stream 0000002676 00000 n 29, 2017).) The amending … They are the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the Middle East and North Africa Financial Action Task Force (MENAFATF), and the Inter Governmental Action Group against Money Laundering in West Africa (GIABA). Further in this regard, see Pratt Holdings (Pty) Ltd v Commissioner of Taxation [2004] FCAFC 122, a decision of the Australian Full Federal Court. 2. T��QB7�4�Cd�Et��#�$?��i�� It involves a transfer from one bank to another, with the use of a payment card and a payment system, such as shopping in a store and paying with a debit card. 0000009202 00000 n (May 25, 2017) On April 29, 2017, South African President Jacob Zuma signed into law the Financial Intelligence Centre Amendment Act, 2017, amending the Financial Intelligence Centre Act of 2001, an Act designed to “combat money laundering and the financing of terrorism.” (Press Release, President Jacob Zuma Signs FICA Bill into Law, South African Government website (Apr. 0000006413 00000 n
Muppet Irish Slang, Tehxeeb Stratford Road, 2007 Cincinnati Bearcats Football Roster, Fiji Domestic Flights, Contoh Ayat Permulaan Karangan,