This is just a straightforward effort to prevent criminal activity. Why would it be unconstitutional? It just enhances oversight. How can that be anything but a good thing?— Stuart Theobald, Intellidex
All the bill requires is the enhancement of procedures to flag high-risk transactions.— Steven Powell, ENS Africa
President Jacob Zuma has sent the Financial Intelligence Centre Amendment Bill (Fica Bill) back to Parliament for reconsideration.
Zuma is concerned about the constitutionality of the bill.
He has, specifically, raised concerns with the provisions relating to warrantless searches which, according to him, fall short of the constitutional standard required for the provision not to unjustifiably limit the right to privacy.
The Money Show’s Bruce Whitfield interviewed Stuart Theobald (Chairman at Intellidex) and Steven Powell (Director in Forensics at ENS Africa).
Listen to the interview in the audio below for the sceptical analysis (and/or scroll down for more quotes from it).
This will add further delays. South Africa has already fallen quite severely behind the global commitments it has to be part of the international fight against organised crime.— Stuart Theobald, Intellidex
This [delay] damages our international reputation.— Stuart Theobald, Intellidex
This legislation has already been delayed for long.— Stuart Theobald, Intellidex
It creates a new set of obligations on banks to be particularly careful when dealing with prominent people. It makes banks responsible for being much stricter about individuals at risk of being involved in corrupt activities.— Stuart Theobald, Intellidex
If the world is getting tougher on corruption it’s time for South Africa to come to the party.— Steven Powell, ENS Africa
This article first appeared on CapeTalk : Jacob Zuma says anti-corruption Fica Bill infringes on rights of powerful people