Power tends to corrupt.
The international financial regulatory community refers to individuals in positions of power as “politically exposed persons” (PEPs).
Treasury (the old one) introduced the Financial Intelligence Centre Bill that proposes amendments to FICA to address the position of PEPs.
The parliamentary process in respect of the Bill is complete, but President Jacob Zuma has expressed reservations about the Bill's constitutionality.
He says his objections are based on a concern that the Bill infringes on the rights of powerful people.
The Money Show’s Bruce Whitfield interviewed Intellidex MD Stuart Theobald.
Theobald gave five reasons why he believes the delay of the Fica Bill is more damaging that a credit ratings downgrade.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
We could be put on a grey-list of countries you don’t want to be on as you’ll be excluded from the financial system.— Stuart Theobald, Intellidex
This is a United Nations initiative to deal with the proceeds of crime.— Stuart Theobald, Intellidex
This bill is particularly pro-poor.— Stuart Theobald, Intellidex
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