The first hurdle accountable institutions will face is compiling a list of PEPs.— Francisco Khoza
We are being monitored. There is a limitation on the right to privacy already.— Francisco Khoza
Power tends to corrupt.
The international financial regulatory community refers to individuals in positions of power as “politically exposed persons” (PEPs).
Treasury introduced the Financial Intelligence Centre Bill that proposes amendments to FICA to address the position of PEPs.
It suggests the introduction of the concepts of a “domestic prominent influential person” and a “foreign prominent public official” into FICA.
The Bill defines a “domestic prominent influential person” as an individual who holds, or has held, a prominent public function.
This category of PEPs would include senior government officials, leaders of political parties and individuals who hold prominent positions in the private sector.
The parliamentary process in respect of the Bill is complete, and the Bill has been submitted to President Jacob Zuma for approval.
However, the President has expressed reservations about the Bill's constitutionality.
His objections are based on a concern that the Bill potentially infringes on the rights of PEPs.
Scroll down for more quotes from the audio below.
Globally there’s a recognition that people in positions of power are at high risk of being involved in corruption.— Francisco Khoza
It’s about insuring the integrity of the country’s financial system.— Francisco Khoza
The Money Show’s Bruce Whitfield interviews oil and energy expert Rocco Strydom.
Financial institutions, adapt or die! Rand Merchant Investments’ Dominique Collett discusses 2017's major "fintech" developments.
Egmont Ottermann CEO at New Horizons Energy explains how they turn 500 tons of waste a day into gas.
They’re judging you; even if you don’t know they exist. The Credit Regulator’s Alison Magrath discusses credit profiles.
The Money Show’s Bruce Whitfield interviews Dr Jon Patricios, a Sports Physician at Morningside Sports Medicine Centre.
Enter at own risk... The Money Show’s Bruce Whitfield interviews a consumer law specialist.
The Money Show’s Bruce Whitfield interviews TaxTim cofounder Marc Sevitz.
A lack of transparency raises suspicions as to whether Molefe's route to Parliament has been ushered in with integrity.
Cocaine weighing 271kg, with an estimated street value of R78 million, was confiscated by Sars officials at the OR Tambo Airport.
Property management company PayProp argues that Airbnb has driven down rental availability and driven up rental prices in the CBD.