The Financial Intelligence Centre (FIC) has the power to block or freeze funds that are suspected to be the proceeds of crime. It can use a section 34 directive to instruct an institution not to proceed with a transaction for a period of 10 working days. This allows the FIC to make the necessary enquiries concerning the transactions and, where necessary, to inform and advise an investigating authority or the National Director of Public Prosecutions.
The FIC also shares this information with the Asset Forfeiture Unit, which can seize and take control of the funds if necessary. During 2024/25, the FIC blocked more than R157.5 million as suspected proceeds of crime and issued 164 section 34 directives.
Section 27A of the FIC Act, introduced in the FIC Act’s 2017 amendments, authorises a representative of the FIC to access records kept by or on behalf of an accountable institution in terms of sections 22, 22A or 24 of the FIC Act, on authority of a warrant issued by a magistrate or judge.
SHARED: www.fic.gov.za
