Malusi Gigaba signs Fica law ahead of Paris meeting
The finance minister wants the government ‘to accelerate its implementation’, but it is a far from quick process
Finance Minister Malusi Gigaba signed on Tuesday the Financial Intelligence Centre Amendment Act into operation — just in time for next weekend’s Paris meeting of global fraud monitor, the Financial Action Task Force (FATF). SA had risked being placed on a watch list by FATF, the body set up by the UN to counter international money laundering and terrorist financing due to the delay in passing the bill. The legislation has been heavily contested by politically aligned lobby groups as well as black business organisations because of its focus on enhanced due diligence of politically exposed people. Its implementation will allow SA to meet all its obligations to FATF. However, in 2019, SA will face another audit of its success in implementing the law. In a statement from the Treasury, Gigaba said that it was critical for government "to accelerate the implementation" of the legislation, and that it "demonstrated government’s commitment to the fight against corruption, money laundering a...
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