The Financial Intelligence Centre (FIC) has published a guide on the interpretation of the definition of a “legal practitioner” as listed in item 1 of Schedule 1 to the Financial Intelligence Centre Act (FICA).
Public Compliance Communication 47A has been issued in response to the amended Schedule 1, which came into effect from 19 December 2022.
The guide also provides examples of the money laundering, terrorist financing, and proliferation financing risks faced by legal practitioners.
PCC 47A states that the definition of a “legal practitioner” in item 1 of Schedule 1 consists of three categories of legal practitioner:
- An attorney, including a conveyancer or notary, practising for his or her own account as contemplated in section 34(5)(a) of the Legal Practice Act (LPA).
- An advocate contemplated in section 34(2)(a)(ii) of the LPA – that is, advocates who may deal directly with a member of the public or with a justice centre.
- A commercial juristic entity, as contemplated in section 34(7) of the LPA. This includes instances where the shareholding, partnership, or membership comprises attorneys exclusively. The entity’s legal services are rendered only by or under the supervision of admitted and enrolled attorneys.
Legal practitioners who are employed by a commercial juristic entity, as contemplated in section 34(7) of the LPA, which entity is registered with the FIC, are not required to register separately with the Centre, the PCC says.
