Fica referral sets the country back, says Registrar of Banks
Kuben Naidoo criticises President Jacob Zuma’s decision to send the bill, which will result in enhanced scrutiny of politicians and their family members, back to Parliament
Foreign banks could cancel their correspondent relationships with SA banks after President Jacob Zuma sent the Financial Intelligence Centre Amendment (Fica) Bill back to Parliament, says the Registrar of Banks Kuben Naidoo. Naidoo and Reserve Bank governor Lesetja Kganyago on Thursday filed affidavits in the High Court in Pretoria in response to the application by Finance Minister Pravin Gordhan for a declaratory order confirming that he does not have the authority to intervene in relationships between banks and their clients. The Fica bill will result in enhanced scrutiny of all politicians and their family members — described as politically influential people — when they transact through the banking system. It is part of SA’s international commitments to the multilateral Financial Action Task Force that the legislation be updated. The amendment was passed by Parliament in May. Zuma was lobbied by the Progressive Professionals Forum, headed by Mzwanele Manyi, not to sign the Bill,...
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