MPs to seek legal advice on Fica bill
Parliament will not ‘tremble’ amid Financial Intelligence Centre Amendment Bill review, says chairman Yunus Carrim
Parliament is not going to "tremble and buckle" in the face of the Presidency’s view that the Financial Intelligence Centre Amendment Bill is unconstitutional, says the chairman of the standing committee on finance, Yunus Carrim. His firm stance outlined on Tuesday comes ahead of a briefing by the Treasury to the committee on Wednesday about President Jacob Zuma’s referral of the bill back to Parliament last week after a much criticised delay of about five months. The delay in promulgating the legislation means SA will not meet the February deadline set by the intergovernmental Financial Action Task Force to introduce tighter monitoring of financial transactions, posing a danger that SA will be put on a watch list. The bill will impose more onerous obligations on banks to know their clients and, in particular, politically influential persons such as politicians, government officials and directors of companies contracting with the government.Amendments to the Financial Intelligence C...
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