Contentious clause in Fica Bill back in the spotlight

Parliament Standing Committee on Finance is holding hearings on the Financial Intelligence Centre Amendment Act.

Organisations including Business Leadership SA, Business Unity South Africa (Busa) and the Banking Association of South Africa want President Jacob Zuma to sign the Bill into law.

The Fica Bill was passed by Parliament last year, but Zuma sent it back raising concerns about the constitutionality of provisions relating to warrantless searches in the Bill.

According to EWN's Gaye Davis the committee chair, Yunus Carrim, said Parliament can only deal with the clause Zuma has highlighted.

The Bill is aimed at preventing money laundering, white collar crime, corruption, terrorism and other nefarious financial activities.

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President Jacob Zuma says the Fica Bill infringes on the rights of powerful people. BLSA says this objection is without merit.

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