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

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
Why brands sponsor sport (despite costs and getting blamed for poor performance)

Why brands sponsor sport (despite costs and getting blamed for poor performance)

The Money Show’s Bruce Whitfield interviews Discovery Vitality Wellness Head Dr Craig Nossel.

How to make money on YouTube

How to make money on YouTube

The Money Show’s Bruce Whitfield asks Google South Africa’s Luke Mckend how to make money on YouTube.

How to legally and ethically deal with AI/robots as smart (or ‘emotional’) as us

How to legally and ethically deal with AI/robots as smart (or ‘emotional’) as us

The Money Show’s Bruce Whitfield interviews Norton Rose Fulbright Senior Associate Kerri Crawford.

Don’t understand much about money (investments, etc.)? You’re not alone!

Don’t understand much about money (investments, etc.)? You’re not alone!

The Money Show’s Bruce Whitfield interviews Isithebe Financial Wellness Founder Sandra Mokhonoana.

How retailers use tech (and why Foschini is partnering with start-ups)

How retailers use tech (and why Foschini is partnering with start-ups)

The Money Show’s Bruce Whitfield interviews The Foschini Group Chief Information Officer Brent Curry.

Land reform – done right – can make South Africa prosperous (and more peaceful)

Land reform – done right – can make South Africa prosperous (and more peaceful)

Bruce Whitfield interviews the famed Roelf Meyer who (with the Land Bank) is working to promote transformation in agriculture.

Popular articles
Meet Outa's Wayne Duvenage; fighting etolls, Eskom (and others) on our behalf

Meet Outa's Wayne Duvenage; fighting etolls, Eskom (and others) on our behalf

Ray White interviews Wayne Duvenage, Chairperson at the Organisation Undoing Tax Abuse (OUTA).

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

How did Ngebulana build his empire? The Money Show’s Bruce Whitfield interviewed him for his weekly “ShapeShifter” feature.

William Kentridge (world-renowned South African artist) opens up about money

William Kentridge (world-renowned South African artist) opens up about money

Bruce Whitfield interviews one of our most beloved artists of all time about his money hopes, fears, successes, failures, etc.

5 advantages of leasing instead of owning a car (lower monthly payments!)

5 advantages of leasing instead of owning a car (lower monthly payments!)

Want (or need) a new car? Dale Scorer (a wealth manager at AlphaWealth) reckons you should consider leasing.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

The world’s richest doctor (worth R150bn) was born and raised in South Africa

The world’s richest doctor (worth R150bn) was born and raised in South Africa

Patrick Soon-Shiong, son of Chinese immigrants to SA, is the world’s richest doctor and the wealthiest resident of Los Angeles.