FIC

FINANCIAL INTELLIGENCE CENTRE ACT [FICA] and IDENTIFYING SUSPICIOUS & UNUSUAL TRANSACTIONS – 2020

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…

Implications of Cash-Dominated Transactions for Money Laundering

Author: Article by: ISS, Institute for Security Studies Implications of Cash-Dominated Transactions for Money Laundering (October 2012) Money laundering has traditionally been associated solely with banks. Action to combat money laundering has therefore focussed on...