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 THE NEWSROOM
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
Signal jammers and other devices confiscated at China Mall

Signal jammers and other devices confiscated at China Mall

Several communications devices were confiscated from businesses in a raid by Icasa at China Mall on Wednesday.

Trump confirms his first visit to Africa

Trump confirms his first visit to Africa

United States President Donald Trump has disclosed his first stop on an African visit.

Former Body Beat TV host Dr Phil Joffe catches up with Afternoon Drive team

Former Body Beat TV host Dr Phil Joffe catches up with Afternoon Drive team

Dr Phil Joffe presented SABC's famous Good Morning South Africa breakfast show for ten years, from 1989- 1998.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

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...

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.