Estate agencies could face financial and reputational ruin if they fail to meet their Financial Intelligence Centre Act (FICA) obligations. However, there is a growing urgency for estate agents to put the right processes in place to ensure compliance…
In November 2010, the Minister of Finance extended the definition of ACCOUNTABLE INSTITUTIONS who are subject to the Financial Intelligence Centre Act and the Risk Based anti-money laundering and terrorism financing (ML/TF) obligations…
The purpose of the Financial Intelligence Centre Act (“FICA”) is to combat money laundering activities by, amongst other things, establishing a Financial Intelligence Centre (“FIC”) and imposing certain duties on all persons carrying on a business or who is employed by a business. Money laundering can be described as the performing of any act which may result in concealing the nature, source, location or movement of the proceeds of unlawful activities or any interest that anyone may have in such proceeds…