The dangers of not signing the Fica Bill into law

The Council for the Advancement of the South African Constitution (Casac) says it would not have resorted to court action if President Jacob Zuma had made clear the reasons why he has referred the Financial Intelligence Centre Amendment (Fica) Bill back to Parliament.

Had the President done the courtesy thing and responded to our letter to say that these are the concerns that he has, he will be referring it back to Parliament shortly, we wouldn't have reason to go back to court. But it is the manner in which the President has chosen to deal with this which has brought us into this situation

Lawson Naidoo, Executive Secretary of the Council for the Advancement of the South African Constitution (Casac)

Speaking to #NightTalk's Gugs Mhlungu, Casac Executive Secretary Lawson Naidoo says that there are about 187 countries which have passed similar legislation to the Fica Bill.

He says that it is of concern that the President is not signing into law legislation which is important to efforts to combat international financial crime.

Basically what this legislation seeks to do, is to bring up to line to international standards that have been established by the international task force. These new regulations were promulgated by the FATF (Financial Action Task Force) in 2009

Lawson Naidoo, Executive Secretary of the Council for the Advancement of the South African Constitution (Casac)

Naidoo says that South Africa has been slow in amending legislation, despite being given time to do so.

He says that if there are more delays in legislating the Fica Act, South Africa will be under even more pressure from the FATF.

A lot of money laundering and cyber financial crime happens in cross-border transations, so international cooperation at those levels is extremely important

Lawson Naidoo, Executive Secretary of the Council for the Advancement of the South African Constitution (Casac)

Listen to the conversation below:


Recommended

by NEWSROOM AI
Read More
#Strideforgood pledges for an abuse-free society

#Strideforgood pledges for an abuse-free society

Johnnie Walker and civic groups gathered at the Nelson Mandela Bridge to call for an end to abuse against women and children

Striding Men Rally makes strides for no violence against women and children

Striding Men Rally makes strides for no violence against women and children

On Saturday, Johnnie Walker Striding Men and several city society formations will march on Nelson Mandela bridge, in support of an abuse-free society.

Driving investment and creating jobs through InvestSA's One Stop Shops

Driving investment and creating jobs through InvestSA's One Stop Shops

InvestSA has launched its latest One Stop Shop in KwaZulu Natal, bringing hope for more investment and services being available to citizens.

Understanding the importance of living within your means

Understanding the importance of living within your means

In this week's #BeFinanciallySmart feature, FNB's Eunice Sibiya discusses the importance of living within your means.

How you can #BeFinanciallySmart and save for those big days!

How you can #BeFinanciallySmart and save for those big days!

FNB's Eunice Sibiya discusses how you can save for important annual events.

'Haiti is the missing piece in the AU'

'Haiti is the missing piece in the AU'

Ambassador of Haiti to South Africa Jacques Baril describes Haiti's historic relationship with the African continent.

Popular articles
I was not introduced to Ajay Gupta - Grootes

I was not introduced to Ajay Gupta - Grootes

Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

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.

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

WATCH: Zuma denies crisis at Sassa, won't evaluate isiphithiphithi (chaos)

Zuma says he cannot be expected to act against Minister Bathabile Dlamini on social grants matter now before the ConCourt.

Divided views on impact of minimum wage on economy, unemployment

Divided views on impact of minimum wage on economy, unemployment

Deputy President Cyril Ramaphosa announced that the minimum wage of R20 per hour is expected to be implemented by May 2018.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

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...