Deciphering the delay on Fica bill
Does the president have a valid concern on the issue of warrantless arrests in Financial Intelligence Centre Amendment Bill, asks Andile Khumalo
Five months after receiving the Financial Intelligence Centre Amendment Bill, President Jacob Zuma has told the nation that after "applying his mind" he has decided to send it back to the National Assembly for reconsideration. The bill seeks to strengthen regulations that deal with money laundering and illicit financial transactions, bringing the country into line with standards set by the global Financial Action Task Force, of which South Africa is a member. The FATF is a policymaking body that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. So, as a member, South Africa would be expected to align its own regulations with its objectives and recommendations. This is what the Fica bill is attempting to do. This reminds me of the saga of the International Criminal Court and President Omar al-Bashir, when South Africa allowed the Sudanese president to slip out of the country and contravened an order from the ICC ...
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.