Banking Association of SA relieved that Fica Bill is finally signed into law

The presidency announced over the weekend that President Jacob Zuma has officially signed the Financial Intelligence Centre Amendment (FICA) bill into law.

This is despite some objection made by the Black Business Council and the Progressive Professional Forum chairperson, Mzwanele Manyi.

Banking Association of SA MD Cas Coovadia says it is extremely important that the President signed the Fica Bill to put the country on par with its international counterparts in combating money laundering and terrorism financing.

We have always said this was of national interest and we should sign it.

Cas Coovadia, Banking Association of SA MD

He says the Financial Action Task Force (FATF) had warned that the country would be delinquent if it did not sign by June and would've been put under grey listed countries.

Now clients of banks that have a lot of transactions going through their accounts, politically influential people that are susceptible to these sort of activities would have far greater oversight ...

Cas Coovadia, Banking Association of SA MD

To hear more of this conversation, listen below:

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