The Financial Intelligence Centre Act, 38 of 2001 (FICA), came into effect on 1 July 2003. FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.

FICA brings South Africa in line with similar legislation in other countries designed to reveal the movement of moneys derived from unlawful activities, thereby curbing money laundering and other criminal activities.

It is imperative for Conveyancers and Estate Agents to ensure their clients comply with all the necessary FICA documents and regulations.