Financial Intelligence Centre Act, 2008

The Financial Intelligence Centre Act (Act Nr. 38 of 2001) was adopted on 3 December 2001.

The Financial Intelligence Centre Act sets up a regulatory anti-money laundering regime which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. By doing this the Act aims to maintain the integrity of the financial system. Apart from the regulatory regime the Act also creates the Financial Intelligence Centre (FIC).

The regulatory regime of the Financial Intelligence Centre Act imposes 'know your client', record-keeping and reporting obligations on accountable institutions. It also requires accountable institutions to develop and implement internal rules to facilitate compliance with these obligations.

The Financial Intelligence Centre Act is the result of 5 years of investigation and development. It amends, complements and works with the Prevention of Organised Crime Act, 1998 which contains the substantive money laundering offences. It also amends the Promotion of Access to Information Act, 2000.