Your FICA questions answered on DVD

September 1st, 2013
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By Barbara Whittle

The LSSA has produced a DVD to assist practitioners in complying with the Financial Intelligence Centre Act 38 of 2001 (FICA). Presented by senior attorney Dr Angela Itzikowitz, and including comments and guidance from the Financial Intelligence Centre (FIC), the DVD will guide law firms in complying easily with the requirements. Price: R 120 (VAT and postage included).

The DVD can be ordered from Sipho Mdluli at tel: (012) 441 4611 or e-mail: sipho@LSSA.org.za.

Not registered with the FIC?

As per item 1 of sch 1 to FICA  all practitioners who practise as defined in s 1 of the Attorneys Act  53 of 1979 are regarded as accountable institutions. ‘Practise’ is defined in the Attorneys Act to mean practise as an attorney, notary or conveyancer. This means that the conducting of such business must be a regular feature of the business of such entity or individual.

The view of the Financial Intelligence Centre (FIC) is that the requirement rests on each firm of attorneys to be registered, and not individual attorneys working in a firm. Where an attorney practises as a sole proprietor the attorney is required to register as an accountable institution.Electronic registration is the preferred method of registration with the FIC. The guidelines on registration, available on the FIC website at www.fic.gov.za, must be followed when registering, as all processes and requirements are explained clearly.

  • Alternatively call the FIC Compliance Centre for assistance at 0860 222 200.

Compiled by Barbara Whittle, communications manager, Law Society of South Africa, barbara@lssa.org.za

This article was first published in De Rebus in 2013 (Sept) DR 15.

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