The Science Of ...

Treasury wants to amend FICA to fight corruption (Zuma expresses reservations)

The first hurdle accountable institutions will face is compiling a list of PEPs.

Francisco Khoza

We are being monitored. There is a limitation on the right to privacy already.

Francisco Khoza

Power tends to corrupt.

The international financial regulatory community refers to individuals in positions of power as “politically exposed persons” (PEPs).

Treasury introduced the Financial Intelligence Centre Bill that proposes amendments to FICA to address the position of PEPs.

It suggests the introduction of the concepts of a “domestic prominent influential person” and a “foreign prominent public official” into FICA.

The Bill defines a “domestic prominent influential person” as an individual who holds, or has held, a prominent public function.

This category of PEPs would include senior government officials, leaders of political parties and individuals who hold prominent positions in the private sector.

The parliamentary process in respect of the Bill is complete, and the Bill has been submitted to President Jacob Zuma for approval.

However, the President has expressed reservations about the Bill's constitutionality.

His objections are based on a concern that the Bill potentially infringes on the rights of PEPs.

The Money Show’s Bruce Whitfield interviewed Francisco Khoza, Head of Banking and Finance at Bowmans, for his weekly "The Science Of" feature.

Scroll down for more quotes from the audio below.

Globally there’s a recognition that people in positions of power are at high risk of being involved in corruption.

Francisco Khoza

It’s about insuring the integrity of the country’s financial system.

Francisco Khoza

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