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
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.
The Money Show's Bruce Whitfield interviews Rain Director Michael Jordaan about his money beliefs and history.
Economist Tim Harford discusses his book “50 Things That Made the Modern Economy”.
The Money Show’s Bruce Whitfield interviews Banking Association of South Africa Managing Director Cas Coovadia.
The Money Show’s Bruce Whitfield interviews Treasury’s Ismail Momoniat and Banking Association South Africa’s Cas Coovadia.
Treasury wants to amend Fica to fight corruption. Bruce Whitfield interviews Stuart Theobald and Steven Powell.
Treasury wants legislation to help it keep tabs on individuals in positions of power in the public and private sectors.
Home Affairs Minister Hlengiwe Mkhize says her department will respond to all Zimbabweans under special dispensation.
Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.
Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.
Interested in sexting but worried about the risks? Dr Eve has created a guideline to help you 'sext' in a fun and responsible way.
"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.
The EFF lawyer stole the show during the state capture report court battle.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?