Featured Article, Finance, South Africa

FICA Bill to curb money laundering & financing of terrorism

South Africa, The newly introduced Financial Intelligence Centre Amendment (FICA) Bill to fight money laundering and financing of terrorism in-line with international.

Briefing the media on Thursday on the outcomes of a Cabinet meeting, in Cape Town, Communications Minister Ayanda Dlodlo said Cabinet welcomed the recent signing of the Bill into law by President Jacob Zuma.

“This Bill will also contribute in strengthening the transparency and integrity of the South African financial system and make harder for criminals involved in tax evasion, money laundering and illicit financial flows to hide using the South African financial systems.

“It forms one of the number of instruments we have as a country to fight white collar crime in both private and public sector,” Minister Dlodlo said.

During the meeting on Wednesday, Cabinet was appraised by the Minister of Finance that consultations with stakeholders, on ensuring the process of promulgation of the regulations on the FICA Act, are ongoing and will be finalized soon.

“Cabinet re-iterated that it remains committed to the fiscal policy trajectory outlined in Budget 2017, the implementation of reforms to improve governance in state owned companies; maintain the expenditure ceiling and ensuring stabilization of government debts,” Minister Dlodlo said.

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