Jacob Zuma says anti-corruption Fica Bill infringes on rights of powerful people

(Also read "Treasury wants to amend FICA to fight corruption - Zuma expresses reservations".)

This is just a straightforward effort to prevent criminal activity. Why would it be unconstitutional? It just enhances oversight. How can that be anything but a good thing?

Stuart Theobald, Intellidex

All the bill requires is the enhancement of procedures to flag high-risk transactions.

Steven Powell, ENS Africa

President Jacob Zuma has sent the Financial Intelligence Centre Amendment Bill (Fica Bill) back to Parliament for reconsideration.

Zuma is concerned about the constitutionality of the bill.

He has, specifically, raised concerns with the provisions relating to warrantless searches which, according to him, fall short of the constitutional standard required for the provision not to unjustifiably limit the right to privacy.

The Money Show’s Bruce Whitfield interviewed Stuart Theobald (Chairman at Intellidex) and Steven Powell (Director in Forensics at ENS Africa).

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

This will add further delays. South Africa has already fallen quite severely behind the global commitments it has to be part of the international fight against organised crime.

Stuart Theobald, Intellidex

This [delay] damages our international reputation.

Stuart Theobald, Intellidex

This legislation has already been delayed for long.

Stuart Theobald, Intellidex

It creates a new set of obligations on banks to be particularly careful when dealing with prominent people. It makes banks responsible for being much stricter about individuals at risk of being involved in corrupt activities.

Stuart Theobald, Intellidex

If the world is getting tougher on corruption it’s time for South Africa to come to the party.

Steven Powell, ENS Africa
Read More
How to be a lion (a review of a book on daring to dream and living fearlessly)

How to be a lion (a review of a book on daring to dream and living fearlessly)

The Money Show’s Bruce Whitfield interviewed Rakesh Wahi (CNBC Africa and Forbes Africa) for his weekly business book review.

Johannesburg to get Africa’s first smartphone factory

Johannesburg to get Africa’s first smartphone factory

Onyx Connect says it will create 600 jobs and make a smartphone in Johannesburg for about R415.

John Berks ("the least amiable man on radio") hilariously opens up about money

John Berks ("the least amiable man on radio") hilariously opens up about money

What does 702’s former Breakfast Show host John Berks believe, hope for and fear about money? Does he have, and want, lots of it?

3 shares you’ll do well to buy before Christmas (by Nedbank Private Wealth)

3 shares you’ll do well to buy before Christmas (by Nedbank Private Wealth)

Make some money, buy these three stocks, says portfolio manager Dino Voulakis.

How to raise funding (at each stage of your business’ growth)

How to raise funding (at each stage of your business’ growth)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

Treasury wants to amend FICA to fight corruption (Zuma expresses reservations)

Treasury wants to amend FICA to fight corruption (Zuma expresses reservations)

Treasury wants legislation to help it keep tabs on individuals in positions of power in the public and private sectors.