Fica (finally) comes into operation

Finance Minister Malusi Gigaba has signed and gazetted the coming into operation of various provisions of the Financial Intelligence Centre Amendment Act.

The FIC Amendment Act was signed into law by President Jacob Zuma on 26 April 2017 and gazetted on 2 May 2017, but the determination of the commencement date was left to the Minister of Finance.

This comes after a long delay and intense lobbying after President Zuma raised concerns with the provisions relating to warrantless searches which, according to him, unjustifiably limit the right to privacy of powerful people.

The Money Show’s Bruce Whitfield interviewed Treasury’s Ismail Momoniat.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Minister Gigaba has not delayed on it.

Ismail Momoniat

We needed to prepare documents that are required before the law can take effect.

Ismail Momoniat

It will put us in a better position in terms of money laundering and corruption.

Ismail Momoniat

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