CASAC: SA banks' international credibility at stake if Fica Bill not signed

President Jacob Zuma has referred the Financial Intelligence Centre Amendment Bill back to Parliament for reconsideration.

The move is seen to be a response to the South African banks that cut ties with Gupta-owned businesses (Oakbay Investments) earlier this year.

The notorious family has been fingered in the State of Capture Report as individuals who are benefiting from their close proximity to the President and various high-ranking public officials.

This is obviously part of a scheme by certain people to prevent the passage of this piece of legislation.

Lawson Naidoo, CASAC

However, the Council for the Advancement of the South African Constitution has instituted legal proceedings against Zuma over his failure to sign the FICA Bill.

702's Stephen Grootes spoke to the organisation's executive secretary, Lawson Naidoo, who claimed that the country's international banking system would be compromised as a result.

Mzwanele Manyi is also seen to be behind recent developments after the Black Business Council and Progressive Professionals Forum raised their objections regarding the FICA Bill in a letter to the President.

We do not want to be in a situation where our international financial regulatory credibility is being called into question.

Lawson Naidoo, CASAC

Listen to the interview below:

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The dangers of not signing the Fica Bill into law

The dangers of not signing the Fica Bill into law

Lawson Naidoo describes the importance for President Jacob Zuma to sign the Fica Act into law.

Jacob Zuma says anti-corruption Fica Bill infringes on rights of powerful people

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Treasury wants to amend Fica to fight corruption. Bruce Whitfield interviews Stuart Theobald and Steven Powell.

Gordhan refuses to intervene in the battle between Guptas and SA banks

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Treasury wants to amend FICA to fight corruption (Zuma expresses reservations)

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Treasury wants legislation to help it keep tabs on individuals in positions of power in the public and private sectors.

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Casac recently called on President Jacob Zuma to urgently sign Fica into law or return it to the National Assembly.

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The Council for the Advancement of the South African Constitution (Casac) calls on President Zuma to sign the Bill within 30 days.

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Several Standard Bank clients expressed concern over closed accounts, suspended funds and other FICA-related issues.

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