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In South Africa, President Zuma signs the Financial Intelligence Bill!

 

In South Africa, the South African presidency announced Saturday (April 29th) that President Jacob Zuma signed the Financial Intelligence Center (FICA) bill, the Financial Intelligence Act, which aims to improve the fight against money laundering Money and the financing of terrorism. This has been widely welcomed even though the opposition is already concerned that the coming into force of this law is delayed to protect certain interests.

Lawyers hailed the signing of the Fica bill by Jacob Zuma, which they said was an “advance” for the South African Constitution. The amendment of the Financial Intelligence Act 2001 will improve the fight against tax evasion, money laundering and the financing of terrorism through illicit financial flows. South Africa is thus complying with the international standards in force.

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A move welcomed by a part of the South African opposition that hopes for rapid implementation. “From now on (…) transparency will be on the agenda,” said the COPE party.

But the representatives of the Democratic Alliance are much more cautious. They call on Finance Minister Malusi Gigaba not to “yield to pressure” and not to hinder the entry into force of the law.

Indeed, President Jacob Zuma has done everything in his power to delay the signing of the Fica bill, whose non-application could have detrimental consequences on the South African

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Written by How Africa

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