'Delay in signing anti-corruption Fica Bill is more damaging than a downgrade'

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

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Trends that’ll dominate the business environment in 2018

Trends that’ll dominate the business environment in 2018

It’s time to start thinking about how to keep your business relevant next year, says small business guru Pavlo Phitidis.

What you must learn from the Steinhoff and EOH share price collapses

What you must learn from the Steinhoff and EOH share price collapses

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

'Legal opinions are clear - the Fica Bill is Constitutional'

'Legal opinions are clear - the Fica Bill is Constitutional'

The Money Show’s Bruce Whitfield interviews Banking Association of South Africa Managing Director Cas Coovadia.

Treasury says Fica Bill objections are not based on legal opinion

Treasury says Fica Bill objections are not based on legal opinion

The Money Show’s Bruce Whitfield interviews Treasury’s Ismail Momoniat and Banking Association South Africa’s Cas Coovadia.

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

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

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

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

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

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

Popular articles
Dr Mbuyiseni Ndlozi opens up about his thesis

Dr Mbuyiseni Ndlozi opens up about his thesis

Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

Happy 50th birthday, Pick n Pay (congrats on growing your bottom line by 18%)!

Happy 50th birthday, Pick n Pay (congrats on growing your bottom line by 18%)!

50 years ago the retailer started out when Raymond Ackerman bought three tiny stores from Click founder Jack Goldin.

Is it normal to have a curved penis? Dr Shingai explains

Is it normal to have a curved penis? Dr Shingai explains

Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.

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...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?