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President Jacob Zuma has signed the Financial Intelligence Centre Amendment (FICA) bill into law, the presidency said in a statement on Saturday morning but the internet has been left confused.

 

Presidency’s Dr Bongani Ngqulunga said the Financial Intelligence Centre Amendment Act, assented by the President, amends the Financial Intelligence Centre Act, 2001.

The 2001 Act and other related Acts aim to combat money laundering and the financing of terrorism. Ngqulunga said Zuma was satisfied that the Act addresses the constitutional concerns he had raised about warrantless searches.

“These amendments to the Financial Intelligence Amendment Act further strengthen the transparency and integrity of the South African financial system in its objectives to combat financial crimes, which include tax evasion, money laundering and the financing of terrorism and illicit financial flows,” Ngqulunga said.

The amendments would also make it harder for people who are involved in illegitimate activities or tax evasion to hide behind legal entities like shell companies and trusts.

But the news has left the internet very confused. Most South Africans have not forgotten about the 783 fraud, racketeering and corruption charges that were laid against number one so where does the FICA bill leave his “illicit financial flows”.


Sources: Twitter | News24
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Recognised as one of the Mail and Guardian’s Top 200 Young South African’s as well as a Primedia LeadSA Hero, Brent is a change maker, thought leader, radio host, foodie, vlogger, writer and all round good guy.

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