29 Cooperation with foreign counterpart agencies

(1) The FIU may, acting on its own initiative or upon request, seek from or share any information relevant to its function with a foreign counterpart agency that performs similar functions and is subject to similar obligations of confidentiality, secrecy and disclosure with respect to the performance of its functions.
(2) Whenever the FIU provides information pursuant to subsection (1) to a foreign counterpart agency, it shall obtain from that agency a suitable declaration or undertaking that the information will be used only for the purpose for which it was sought.
(3) The FIU may enter into an agreement or arrangement to facilitate the exchange of information with a foreign counterpart agency that performs similar functions and is subject to similar secrecy obligations.

(4) The FIU may make enquiries on behalf of a foreign counterpart agency where the enquiry may be relevant to the foreign counterpart agency’s functions.
(5) For the purposes of subsection (4), the FIU may—
(a) utilise its own databases, including information related to reports of suspicious activity, and other databases to which the FIU has direct or indirect access, including law enforcement databases, public databases, administrative databases and commercially available databases;
(b) obtain information from a reporting entity;
(c) obtain information that is relevant from the competent authorities to the extent that the FIU may obtain such information in a domestic matter; and
(d) take any other action in support of the request of the foreign counterpart that is consistent with the authority of the FIU in a domestic matter.
(6) FIU may refuse co-operation with the requesting foreign counterpart agencies for justified reasons on the grounds of lack of reciprocity or recurring inadequate co-operation or failure to protect the information effectively by the requesting FIU. (Amended by Act 62 of 2021)