The Financial Intelligence Centre (FIC) published a draft Public Compliance Communication (PCC) for comment during January 2020, which set out guidance on the interpretation of Item 1 of Schedule 1 to the FIC Act in line with the changes as brought about by the Legal Practice Act 28 of 2014. The comments on the draft have since been considered and incorporated into the final PCC 47 where appropriate and was published by the FIC on 25 March 2020.
Schedule 1 of the FIC Act provides a list of Accountable Institutions. Item 1 of Schedule 1 lists “a practitioner who practises as defined in section 1 of the Attorneys Act, 53 of 1979” as an accountable institution. The Attorneys Act has been repealed and replaced by the Legal Practice Act. The definition of a practitioner who practices as set out in Item 1 of Schedule 1 to the FIC Act, must therefore be interpreted in line with the Interpretation Act and the Legal Practice Act, and still includes attorneys, notaries, and conveyancers who practise. PCC 47 provides guidance to attorneys, notaries and conveyancers on the continued applicability of the FIC Act in relation to the Legal Practice Act.
The FIC has proposed certain updates to the Minister of Finance for consideration relating to Schedule 1 to the FIC Act that deal with the inclusion of certain advocates as accountable institutions. The proposed changes to the Schedule 1 to the FIC Act will be published for consultation once approved.