FIC rejects exclusions to proposed broader list of accountable institutions
Financial Intelligence Centre is seeking to widen the scope of the Financial Intelligence Centre Act to further combat money laundering and financing of terrorism and avoid SA being grey-listed by the international Financial Action Task Force
The Financial Intelligence Centre (FIC) will resist attempts to carve out exceptions to the proposed new list of accountable institutions that have to comply with the Financial Intelligence Centre Act (FICA), executive manager Pieter Smit said in parliament on Tuesday.
The Financial Action Task Force (FATF), an international body that sets standards to combat money laundering and financing of terrorism, has found SA to be deficient and recommended that the scope of accountable institutions be broadened. Failure to do so could see the country grey-listed next year, a move that will have dire consequences for the financial sector and the broader economy...
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