in the classification of Schedule 1 Accountable Institutions and therefore are required to comply with ALL the regulations included in the Amendment Act .
As a member of the FATF , South Africa has agreed to play a role in the international fight against money laundering and terrorist financing . FICA is South Africa ’ s local legislation to achieve this .
FICA complements other South African legislation such as the
Prevention of Organised Crime Act ( POCA ), the Protection of Constitutional Democracy Against Terrorism Related Activities Act ( POCDATARA ), and the Prevention and Combating of Corrupt Activities Act ( PRECCA ).
Together these legislations introduce measures to combat and prosecute crimes such as organised gangs , racketeering , terrorist-related activities and money laundering .
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