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:

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