CONSTITUTIONAL MONITOR
Now for the implementation of the Fica Bill
DA opposition party calls for clear timelines to avoid Finance Minister Malusi Gigaba delaying the legislation
President Jacob Zuma has finally signed the Financial Intelligence Centre Amendment (Fica) Bill, but the next step is ensuring that it is implemented, according to the Council for the Advancement of the South African Constitution (Casac). The Presidency announced on Saturday that Zuma had signed the bill against money laundering. SA had risked being kicked out of the global fraud monitor, the Financial Action Task Force (FATF), if the Fica Bill was not signed by June. The bill is intended to strengthen measures to combat money laundering and the financing of terrorism‚ and in particular, will require enhanced vigilance over the financial transactions of prominent influential persons. Zuma has had almost two months to sign the bill, which was readopted by Parliament at the end of February. In April, Casac threatened to approach the Constitutional Court if he did not sign it immediately. Casac’s executive secretary, Lawson Naidoo, said on Monday that the next step was gazetting the bi...
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.