Property practitioners can assist in combating money laundering and organised crime by meeting their Financial Intelligence Centre Act (FIC Act) obligations which include reporting suspicious and unusual activity to the Financial Intelligence Centre (FIC).

The investment in property provides a stable, high- value and secure asset, which makes this sector particularly vulnerable to money laundering (ML). Non-financial institutions additionally are vulnerable to terrorist financing (TF) and should always be aware of potential terrorist financing risk. 

4, FIC INSPECTIONS Section 45A (1) provides that the Director or the head of a supervisory body, as the case may be, may appoint any person in the service of the centre or supervisory body or any other suitable person as an inspector. Section45B(1)(b) provides that an inspector appointed in terms of section 45A may enter the premises, excluding a...