Financial Intelligence Centre advises that Section 28 of the Financial Intelligence Centre Act, 38 of 2001 makes it obligatory for all accountable- and reporting institutions to report cash transactions (meaning transactions involving domestic and foreign notes and coins, and travelers cheques) above the prescribed limit...
FICA REQUIREMENTS FOR ESTATE AGENTS Introduction 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. The FICA Amendment Act 1 of...
INTRODUCTION South Africa’s readmission to the international arena, the de-regulation of international markets and the advancement in communication technology has resulted in a dramatic escalation in organized crime and money laundering in South Africa. The Financial Intelligence Centre (FIC), fights crime by monitoring the proceeds...
The assumption is that any item attached or fixed to the property constitutes a fixture or fitting and that all loose items are moveables and therefore not included in the sale of the property unless otherwise agreed. Generally this is true but there is a...
A foreign trust must firstly be registered with the Master of the High Court, and letters of authorisation issued to the trustees, before land can be registered into the name of such trust (See RCR24 of 2009). In the same vein before a land can...
As South Africa is nowadays part of the global village, we are dealing more and more with parties and entities, who are married or established in foreign countries. FOREIGN MARRIAGES The Deeds Registry Act 47 of 1947 states how conveyancers should attend to foreign marriages. ...
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