The Financial Intelligence Centre Amendment (Fica) Bill will make SA a blue-chip investment destination, says Deputy President Cyril Ramaphosa. He was responding to questions in the National Assembly on Wednesday, when he also said the national minimum wage showed that the state was on a "roll" in improving workers’ conditions of employment. The deputy president moved to allay fears that the recent attacks on foreigners would deter investors, saying "South Africans are not xenophobic". Parliament this week ratified the Fica bill three months after President Jacob Zuma sent it back to legislators when concerns were raised about the constitutionality of its provision for warrantless searches. Once signed into law by the president, Fica will increase scrutiny of the bank accounts of politically exposed individuals, including top government officials and business executives. The bill seeks to strengthen the fight against global financial crime, including money laundering and the financi...
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