Michael Masutha wants to dilute Treasury’s control of the FIC, the DA says
DA finance spokesperson David Maynier has warned against a "blatant attempt" by Justice Minister Michael Masutha to dilute the Treasury’s control over the Financial Intelligence Centre (FIC), saying its special advisory council must be restored. At a media briefing ahead of his budget vote speech last week Masutha said he was in discussions with Finance Minister Malusi Gigaba over the restoration of the special advisory council that was legislatively provided for under the Financial Intelligence Centre Act (Fica) of 2001, but was abolished under 2017’s amendments to the legislation. The council was never established and Masutha said it was "concerning" that the Financial Intelligence Centre Amendment Act did away with the "all-important" advisory council. "The fact is that the call to reinstitute the counter-money-laundering advisory council is a blatant ‘power grab’ aimed at removing, or diluting, the Treasury’s control over the day-to-day operations of the FIC, which would be bad ...
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