Money Laundering Tag

Hammond Pole Attorneys > Posts tagged "Money Laundering"

The Financial Intelligence Centre Act and the cash threshold

The Financial Intelligence Centre Act (FICA) was established to identify proceeds of unlawful activities and to combat money laundering, terrorist funding and tax evasion. It further establishes a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and to impose certain duties on institutions and other persons who might be used for money laundering purposes.   To combat these illegal threats, South African law has implemented control measures aimed at assisting in its detection and investigation. These control measures are embodied in the Financial Intelligence Centre Act, 38 of 2001 and can be described as follows: Individuals need...

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