Treasury tweaks Fica Bill to address Zuma’s concerns
Banking Association approves of the latest version, and hopes the amendments can now pass without further delay
Treasury has proposed amendments to the Financial Intelligence Centre Amendment Bill (Fica) Bill that will tighten restrictions on the conduct of warrantless searches. The proposed amendments are based on the legal opinions and public submissions made during the public hearings on the bill held by Parliament’s finance committee last week. Banking Association of SA MD Cas Coovadia said he approved the proposed amendments and hoped there would be no further delays in getting the bill promulgated. President Jacob Zuma referred the bill back to Parliament in November last year because of his concern about the constitutionality of its provision for warrantless searches which could unjustifiably invade a person’s privacy. The amendments presented by Treasury officials to the committee on Wednesday specify that inspections can be conducted only to check compliance with provisions of the act or any order, determination or directive made in terms of the act. Searches with a warrant of a priv...
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