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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 4 : Compliance and Enforcement

51A. Failure to report property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council

 

(1) An accountable institution that has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of an entity contemplated in section 28A(1), and that fails, within the prescribed period, to report that fact and the prescribed information in respect of such property to the Centre in accordance with that section, is guilty of an offence.

 

(2) An accountable institution that fails to comply with a direction by the Director in accordance with section 28A(2), is guilty of an offence.

 

(3) An accountable institution that fails to scrutinise the information as contemplated in section 28A(3), is guilty of an offence.

 

(4) An accountable institution that fails to—
(a) report to the Centre in accordance with section 28A(1), within the prescribed period, the prescribed information in respect of its possession or control of property owned or controlled by or on behalf of, or at the direction of an entity contemplated in that section;
(b) comply with a direction by the Director in accordance with section 28A(2); or
(c) scrutinise the information as contemplated in section 28A(3),

is non-compliant and is subject to an administrative sanction.

 

[Section 51A substituted by section 42 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)  - effective 1 April 2019 (Notice No. 519, GG 42360, 29 March 2019)]