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.
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
Walker Scott Art Advisory’s Dr Fred Scott gives advice on building a high growth African art portfolio.
South Africans – even wealthy ones - trust and buy housebrands, according to a new report by Nielsen.
The use of loyalty programmes is skyrocketing, especially amongst the youth, according to the 2016 Truth Loyalty Whitepaper.
In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...
The Money Show’s Bruce Whitfield interviews Pawn Shop SA host and pawn shop owner Roy Peretz.
The Money Show’s Bruce Whitfield interviews Tax Ombud Judge Bernard Ngoepe.