Directive 3 of 2014: Notification of failure to file report

Jurisdiction
South Africa
Citation
General Notice 783 of 2014
Primary work
Financial Intelligence Centre Act, 2001
Date
12 September 2014
Language
English
Type
Legislation
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Taxonomies
South Africa
Financial Intelligence Centre Act, 2001

Directive 3 of 2014: Notification of failure to file report

General Notice 783 of 2014

This directive is issued by the Financial Intelligence Centre (the Centre) in terms of section 43A (1) of the Financial Intelligence Centre Act, Act No. 38 of 2001 (the FIC Act).This directive applies to all accountable and reporting institutions and to other persons who have an obligation to file a report with the Centre in terms of the provisions of the FIC Act.

1. Purpose of the Directive

1.1The Centre issues this directive to all accountable and reporting institutions and all other persons who have an obligation to file reports with the Centre in terms of sections 28, 28A and 29 of the FIC Act.
1.2The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
1.3To achieve its objectives the Centre must process, analyse and interpret information disclosed to it, and obtained by it in terms of the FIC Act and retain such information in the manner and for the period as required in the FIC Act (section 4(a) and (d) of the FIC Act).
1.4The Centre obtains information in the form of reports which are filed with it in accordance with the following sections of the FIC Act, as mentioned above:Section 28 (cash threshold reporting)Section 28A (terrorist property reporting); andSection 29 (suspicious and unusual transaction reporting).
1.5Where the abovementioned persons/institutions fail to submit these reports to the Centre, intelligence data needed to fulfill its mandate is lost to the Centre.

2. Directive

2.1This directive is effective from date of publication in the Government Gazette.
2.2Where a person/institution becomes aware of a reporting failure to the Centre such person/institution has to mitigate the loss of intelligence data to the Centre in the following manner:
2.2.1Inform the Centre in writing of the reporting failure immediately after becoming aware of such failure. The notification must be sent to the Executive Manager, Compliance and Prevention, Financial Intelligence Centre; and
2.2.2Request an engagement with the Centre to discuss relevant mitigation factors.
2.3The subsequent arrangements for the mitigation of lost intelligence due to the Centre does not imply condonation of the failure to report information to the Centre, nor does it absolve the reporter from its continuing reporting obligations under the FIC Act or prevent enforcement action being taken by the relevant supervisory body.
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