While the signing of the Finance Intelligence Centre Amendment (Fica) Bill has been welcomed by some, the based Financial Actions Task Force (FATF) will now look to make sure that the act is implemented quickly.
FATF previously expressed concern over delays in signing the Fica Bill, saying this would have serious consequences for the country's banks.
It warned that the banks risked being exposed to criminals and the act would now make it easier to identify the owners of companies and accounts who have amassed wealth illegally.
John Maytham spoke to Lawson Naidoo is the Executive Secretary of the Council for the Advancement of the South African Constitution (Casac).
We will be meeting in June this year once again and they have been monitoring our progress in passing this piece of legislation and the reason that they are doing that is because this piece of legislation includes provisions that are interlinked with international norms and standards that are essential for the smooth functioning of the international banking system.— Lawson Naido, Executive Secretary of Casac
The minister of finance will have to gazette the implementation date of the act now...we would hope that by the time that the FATF meeting comes about in June this year the South African delegation can go there and confidently report that we are well on our way to implement the legislation.— Lawson Naido, Executive Secretary of Casac
Click below to listen to the full interview...
This article first appeared on CapeTalk : [LISTEN] Fica Bill signing is only the first step