A notable absentee from finance minister Pravin Gordhan’s usual team at the mini-budget this week was second-in-command at the SA Revenue Service, Jonas Makwakwa.Makwakwa was suspended after an investigation revealed a series of transactions which are inconsistent with a permanently employed person. His suspension has highlighted the importance of amending the Financial Intelligence Centre Act (Fica) of 2001.The crucial role of the Financial Intelligence Centre, the institutional custodian of Fica, was also evident in the minister’s recent approach to the North Gauteng high court, requesting an order clarifying his limitations in interfering with banks on behalf of the politically exposed Gupta family. Central to Gordhan’s application were investigations conducted by the centre into suspicious financial transactions.The proposed amendments to Fica would allow the centre to access, share and query suspicious transactions of politically exposed persons. The Makwakwa situation provides...
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