Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)Chapter 3 : Control Measures for Money Laundering and Financing of Terrorist and Related Activities - Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control MeasuresPart 3 : Reporting duties and access to information28A. Property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council. |
[Section 28A heading substituted by section 20(a) of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017) - effective 1 April 2019 (Notice No. 519, GG 42360, 29 March 2019)]
| (1) | An accountable institution which has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of— |
| (a) | any entity which has committed, or attempted to commit, or facilitated the commission of a specified offence as defined in the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004; |
| (b) | [Section 28A(1)(b) deleted by section 24(2)(a) of the Protection of Constitutional Democracy against Terrorism and related activities Amendment Act, 2022 (Act No. 23 of 2022), Notice No. 1533, G47803, dated 29 December 2022 - effective 4 January 2023 per Proclamation Notice 110, GG47820, dated 4 January 2023] |
| (c) | a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1), |
must within the prescribed period report that fact and the prescribed particulars to the Centre.
[Section 28A(1)(c) substituted by section 32 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]
| (2) | The Director may direct an accountable institution which has made a report under subsection (1) to report— |
| (a) | at such intervals as may be determined in the direction that it is still in possession or control of the property in respect of which the report under subsection (1) had been made; and |
| (b) | any change in the circumstances concerning the accountable institution's possession or control of that property. |
(3) An accountable institution must upon—
| (a) | [Section 28A(3)(a) deleted by section 24(2)(b) of the Protection of Constitutional Democracy against Terrorism and related activities Amendment Act, 2022 (Act No. 23 of 2022), Notice No. 1533, G47803, dated 29 December 2022 - effective 4 January 2023 per Proclamation Notice 110, GG47820, dated 4 January 2023] |
| (b) | notice being given by the Director under section 26A(3), |
scrutinise its information concerning clients with whom the accountable institution has business relationships in order to determine whether any such client is a person or entity mentioned in the proclamation by the President or the notice by the Director.
[Section 28A(3) inserted by section 20(c) of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017) - effective 1 April 2019 (Notice No. 519, GG 42360, 29 March 2019)]