CATEGORIES
- (3) Negotiating Tax Debt and Payment Arrangements with SARS
- (2)Account / Profile
- (551)Accounting
- (2)Accounting and Finance
- (29)Audit
- (156)Auditing and Assurance
- (1)Business
- (1)Business Management
- (3)Business Rescue
- (101)CIPC
- (7)Compliance
- (18)Ethics and Professionalism
- (46)Financial Reporting
- (1)Government Funding Applications
- (4)Guides
- (1)Individuals Tax
- (26)Law
- (37)Legal and Compliance
- (2)Management
- (11)Miscellaneous
- (29)Money Laundering
- (1)Personal & Professional Development
- (2)Practice Management
- (2)Professional Ethics
- (3)Public Sector
- (145)Regulatory Compliance and Legislation
- (41)SARS Issues
- (28)Sustainability Reporting
- (37)Tax
- (1)Tax Update
- (9)Technology
- (1)Wills, Estates & Trusts
- Show All
FIC: What is money laundering, terrorist financing and proliferation financing?
- 23 February 2026
- Money Laundering
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) is raising awareness among high-value goods dealers on the contribution they can make towards combating financial crime in South Africa.
Article:
Dealers in high-value goods can be targets for criminals to launder their ill-gotten gains. The FIC aims to inform these role players about the mandate of the FIC and broader efforts to prevent and combat money laundering, terrorist and proliferation financing (ML, TF and PF).
High-value goods dealers are encouraged to visit this page regularly for updates and information on the ML, TF and PF risks they face and for guidance on mitigation measures that can be applied through compliance with the Financial Intelligence Act (FIC Act).
The following 3 brochures have been published:
- What is ML? (4 pages) - https://www.fic.gov.za/wp-content/uploads/2026/02/ML_Brochure.pdf
- What is TF? (3 pages) - https://www.fic.gov.za/wp-content/uploads/2026/02/TF_Brochure.pdf
- What is PF? (2 pages) - https://www.fic.gov.za/wp-content/uploads/2026/02/PF_Brochure.pdf
Click here to access the webpage:
https://www.fic.gov.za/2026/01/16/what-is-ml-tf-pf/
Relevance to Auditors, Independent Reviewers & Accountants:
- The Financial Intelligence Centre Act (FICA) is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to be aware of relevant publications issued by the FIC.
Relevance to Your clients:
- Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable.
- Relevant entities should be aware of relevant publications issued by the FIC.