FICA

The Minister of Finance, in terms of the Financial Intelligence Centre Act, 38 of 2001 (“FICA”), published proposed amendments to Schedules 1, 2 and 3 of FICA for public comment. The proposed amendments seek to align FICA with the current International Standards of the Financial Action Task Force (“FATF”) as well as with recent legislative amendments. Please view a summary at the link below.

2444 participants, so far.

FICA-DearSA

Have your say – shape this policy.

Do you support this draft amendment to FICA?

Check your email address then hit send! You will be redirected to a confirmation page.

Important to note; This is a legally mandated public policy-shaping process. By using DearSA’s platform you ensure an accurate record is held by civil society (so government cannot dispute participation facts or figures) which forms a solid foundation for a legal case should the necessity arise. It is not a petition. Your input must, by law, be individually acknowledged and considered by government.

Proposed amendments to Schedule 1:
Expansion of the Schedule 1 list of entities subject to the customer due diligence, risk management and compliance obligations set out in FICA (accountable institutions). These entities will include crypto asset service providers, high-value goods dealers and co-operative banks, among others; and

Technical amendments to the Schedule 1 list of entities, to align Schedule 1 with recent legislative changes.

Proposed amendments to Schedule 2:
The respective supervisory bodies currently responsible for supervising non-financial accountable institutions have been removed (e.g. the National Gambling Board which supervises the FICA compliance of persons who carry on the business of making gambling activity available). The supervision of non-financial accountable institutions will become the responsibility of the Financial Intelligence Centre.

Deletion of Schedule 3:
As a result of the inclusion of the “high value goods” category of entities in Schedule 1, Schedule 3 will be deleted and the current reporting institutions (motor vehicle and Krugerrand dealers) will now be included in the new category of high value goods dealers under schedule 1. [read more …]

ENABLING YOU TO SHAPE GOVERNMENT POLICY

DearSA is a legally recognised and constitutionally protected platform which enables the public to co-shape all government policies, amendments and proposals. We’ve run many successful campaigns over the past 18 months and have amassed a considerably large active participant database of over 700,000 individuals across the country and beyond.

We do not run petitions. We run legally recognised public participation processes which allow citizens to co-form policy at all levels of governance. Whereas petitions, even if they contain thousands of signatures, are considered as a single submission by government, our process ensures that each comment made through DearSA is recognised and counted as an individual submission by government.

Furthermore, we keep an accurate record of all participation and produce a publicly available report at the end of each project. This report forms the foundation of a sound legal case should the necessity to challenge the decision arise.

Participation costs you NOTHING, and is so easy and quick to through DearSA that you really have no excuse not to help shape policy BEFORE it becomes law. Legally challenging implemented law is costly and rarely successful. Prevention is better than cure.

Participation in decision-making processes means a possibility for citizens, civil society organisations and other interested parties to influence the development of policies and laws which affect them. We’ve made it easy for you as a responsible citizen of South Africa, to influence government decisions before they are made.

Subscribe to our YouTube Channel