Page 100 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION

Chapter 5 I FIC Act
98
(a) if only one person will be affected by the proposed amendment, give the person at least 30 days’ written notice to submit written representations to the Minister; or
(b) if a category of persons will be affected by the proposed amendment, by notice in the Gazette give persons belonging to that category at least 60 days’ written notice to submit written representations to the Minister.
(3) Any addition to or deletion from the list of reporting institutions in Schedule 3 in terms of subsection (1)(a) or (b) must, before publication in the Gazette, be approved by Parliament.
77. Regulations
(1) The Minister, after consulting the Centre, may make, repeal and amend regulations concerning–
(a) any matter that may be prescribed in terms of this Act; and
(b) any ancillary or incidental administrative or procedural matter which is necessary to prescribe for the proper implementation or administration of this Act.
(2) Regulations in terms of subsection (1) may–
(a) differ for different accountable institutions, reporting institutions,
persons, categories of accountable institutions, reporting institutions and persons and different categories of transactions;
(b) be limited to a particular accountable institution or reporting institution or person or category of accountable institutions or reporting institutions or persons or a particular category of transactions; and
(c) for a contravention of or failure to comply with any specific regulation, prescribe imprisonment for a period not exceeding three years or a fine not exceeding R1 000 000 or such admini- strative sanction as may apply.
(3) ...
(4) The Minister must table regulations, repeals and amendments made under subsection (1) in Parliament before publication in the Gazette.