President Zuma is stalling on signing FICA bill - and it remains a mystery why

Global group, the Paris-based Financial Action Task Force (FATF) has said South Africa needs to get moving on the Financial Intelligence Centre Amendment (FICA) Bill.

They have warned that the country's banks risk being exposed to illicit money flow that could hurt South Africa's investor sentiment.

EWN Parliament correspondent, Gaye Davis says the FICA bill was passed by Parliament.

It went to the President for his signature and he sent it back to Parliament saying he was worried about whether the warrant-less searches that it allows for would pass constitutional musters.

Gaye Davis, EWN Parliamentary Correspondent

At the beginning of this year we saw the standing committee on finance bringing up a brace of very highly qualified advocates to give their opinion on the constitutionality of this particular aspects of the bill.

Gaye Davis, EWN Parliamentary Correspondent

We also saw Mzwanele Manyi, basically launching an assault on this bill, wanting the whole thing scrapped.

Gaye Davis, EWN Parliamentary Correspondent

Davis says the National Assembly approved this particular clause unanimously and subsequently sent back to the President Jacob Zuma for his signature. She says all that remains now if for the President to sign the bill. She says there is lots of speculation as to why he hasn't yet signed off on the bill.

The latest amendment involves dealing with politically influential people and their families and close associates, it's about banks and other financial institutions being obliged to monitor the actives of such people in more detail.

Gaye Davis, EWN Parliamentary Correspondent

Listen to the full report with Gaye Davis on the implications South Africa faces should it not comply with the recommendations:

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Zuma could be taken to court over Fica bill

Zuma could be taken to court over Fica bill

On Wednesday, the DA, ACDP and IFP called on Zuma to pass the bill after Parliament approved it last month.

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

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

Power tends to corrupt. The Fica Bill addresses that. Jacob Zuma, however, says it infringes on rights of powerful people.

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National Assembly adopts minor changes on Fica Bill

Lawson Naidoo says MPs are sending a strong message to President Jacob Zuma by sending back the Bill with only minor changes.

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Political parties in Parliament passed the Fica Bill and are urging President Jacob Zuma to sign it into law.

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Legal opinion finds Zuma's contention on Fica Bill has no standing - Coovadia

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Banking Association of SA MD says it is not valid to say that the Bill is racist and gives too much power to the banks.

Black entrepreneurs must not use Fica Bill as excuse for breaking law - Carrim

Black entrepreneurs must not use Fica Bill as excuse for breaking law - Carrim

Parliament's Standing Committee on Finance chair, Yunus Carrim, says it is not true that the Fica Bill gives power to the banks.

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The hearing on FICA amendments hit a brick wall in parliament on Wednesday. President Jacob Zuma is yet to sign the bill.

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

Fica bill's warrantless searches constitutional, argues Casac

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President Zuma sent the bill back to Parliament over concerns that searches without a warrant could amount to invasion of privacy.

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