By BUUMBA CHIMBULUThe new Financial Intelligence Centre (FIC) Amendment Act has extended its jurisdiction to non-financial businesses or professionals-motor vehicle dealers and real estate agents.In giving the summary of the analysis at its launch, Center for Trade Policy and Development (CTPD) Legal Researcher, Chileshe Mange, outlined the improved powers of the FIC in executing its duties.Ms Mange said these included enhanced cooperation with foreign supervisory authorities which remained to be seen how it would play out in jurisdictions that had robust secrecy laws.An analysis of the new Act showing its improved powers to deal with non-compliant financial entities has been launched by CTPD.The FIC (amendment bill) 2020 was passed into law in December last year as FIC (amendment) Act No.16 of 2020.“Powers of FIC to enforce sanctions include a directive to take remedial action or to make specific arrangements, the restriction or suspension of certain specified business activities and a financial penalty not exceeding one […]
THINK-TANK ANALYSES IMPROVED FIC ACT
