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FINANCIAL INTELLIGENCE CENTRE ACT NO 38 OF 2001

The Financial Intelligence Centre Act (hereinafter referred to as “FICA”) was passed by Parliament in December 2001 and is being promulgated in a phased approach. FICA effectively establishes a partnership between the private and the public sector to assist in the identification of proceeds of unlawful activities thereby combating money laundering activities. In terms of FICA, the Money Laundering Advisory Council and Financial Intelligence Centre (hereinafter referred to as “FIC”) were established.

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