Zuma sends vital finance bill back, saying it does not pass constitutional muster
President Jacob Zuma has referred the Financial Intelligence Centre Amendment Bill back to the National Assembly as he believed there were some constitutional issues. The bill has been sitting on the president's desk for several months despite its importance in ensuring that South Africa's system of financial regulation complies with its international obligations. The bill will impose more onerous obligations on banks to know their clients and in particular politically exposed persons such as politicians, government officials and directors of companies contracting with government. “I have given consideration to the bill in its entirety and certain submissions regarding the constitutionality of the bill,” Zuma said in a statement on Tuesday. “After consideration of the bill and having applied my mind to it, I am of the view that certain provisions of the bill do not pass constitutional muster.” Critics of Zuma’s long delay in promulgating the law have claimed he is trying to protect ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.