CASAC: SA banks' international credibility at stake if Fica Bill not signed

President Jacob Zuma has referred the Financial Intelligence Centre Amendment Bill back to Parliament for reconsideration.

The move is seen to be a response to the South African banks that cut ties with Gupta-owned businesses (Oakbay Investments) earlier this year.

The notorious family has been fingered in the State of Capture Report as individuals who are benefiting from their close proximity to the President and various high-ranking public officials.

This is obviously part of a scheme by certain people to prevent the passage of this piece of legislation.

Lawson Naidoo, CASAC

However, the Council for the Advancement of the South African Constitution has instituted legal proceedings against Zuma over his failure to sign the FICA Bill.

702's Stephen Grootes spoke to the organisation's executive secretary, Lawson Naidoo, who claimed that the country's international banking system would be compromised as a result.

Mzwanele Manyi is also seen to be behind recent developments after the Black Business Council and Progressive Professionals Forum raised their objections regarding the FICA Bill in a letter to the President.

We do not want to be in a situation where our international financial regulatory credibility is being called into question.

Lawson Naidoo, CASAC

Listen to the interview below:

Read More
The dangers of not signing the Fica Bill into law

The dangers of not signing the Fica Bill into law

Lawson Naidoo describes the importance for President Jacob Zuma to sign the Fica Act into law.

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

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

Treasury wants to amend Fica to fight corruption. Bruce Whitfield interviews Stuart Theobald and Steven Powell.

Gordhan refuses to intervene in the battle between Guptas and SA banks

Gordhan refuses to intervene in the battle between Guptas and SA banks

Pravin Gordhan has spilled the beans on the Gupta's in order to be exempted from intervening in their battle with SA banks.

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.

Not signing Fica Bill will jeopardise SA's credit rating

Not signing Fica Bill will jeopardise SA's credit rating

Casac recently called on President Jacob Zuma to urgently sign Fica into law or return it to the National Assembly.

Casac calls on President Zuma to sign Fica Bill

Casac calls on President Zuma to sign Fica Bill

The Council for the Advancement of the South African Constitution (Casac) calls on President Zuma to sign the Bill within 30 days.

Standard Bank responds to clients over FICA and customer-service frustrations

Standard Bank responds to clients over FICA and customer-service frustrations

Several Standard Bank clients expressed concern over closed accounts, suspended funds and other FICA-related issues.

The science of FICA (and why you need to FICA this and FICA that)

The science of FICA (and why you need to FICA this and FICA that)

The Financial Intelligence Centre Act is meant to combat a number of financial crimes. Got your ID and proof of address handy?

Popular articles
Best bank ad ever? Andy Rice reviews Investec’s “you’re more than data”

Best bank ad ever? Andy Rice reviews Investec’s “you’re more than data”

The Money Show’s Bruce Whitfield interviews the advertising expert about the best and worst new advertisements.

Police apparently mulling over warrant of arrest after Grace Mugabe a no-show

Police apparently mulling over warrant of arrest after Grace Mugabe a no-show

EWN understands that lawyers representing the Zimbabwean first lady are negotiating with officers at the Sandton police station.

[LISTEN] 20-year-old SA woman traumatised by Grace Mugabe's assault

[LISTEN] 20-year-old SA woman traumatised by Grace Mugabe's assault

Gabriella Engels says she is saddened by people who are calling her names on Twitter before they understand the full story.

Traffic gridlocked as Imizamo yethu residents make their way to Cape Town

Traffic gridlocked as Imizamo yethu residents make their way to Cape Town

About 40 minibus taxis, in a convoy at a very low speed, are transporting Imizamo Yethu residents into CT for a planned protest.

Words you’ll hear: Grace Mugabe's latest nickname

Words you’ll hear: Grace Mugabe's latest nickname

Find out why Zimbabwe's First Lady should be dubbed with the moniker 'extension cord'.

Discovery CEO (and founder) Adrian Gore bares his soul about money

Discovery CEO (and founder) Adrian Gore bares his soul about money

The Money Show’s Bruce Whitfield interviews Gore about his attitude to money (hopes and fears, successes and failures, etc.).

Ocean Basket gives franchise owner the chop after assault video

Ocean Basket gives franchise owner the chop after assault video

The man was immediately divested of his shares and is no longer part of the group, explains Ocean Basket CEO Grace Harding.

WATCH: Cape schoolkids 'starstruck' after Trevor Noah,  Charlize Theron drop by

WATCH: Cape schoolkids 'starstruck' after Trevor Noah, Charlize Theron drop by

Oaklands High principal Reza Patel says it was an extremely exciting experience for both the learners and staff. We can imagine!

CoCT explains new electricity tariffs

CoCT explains new electricity tariffs

Following residents concerns over new electricity tariffs and properties being re-evaluated, Johan van der Merwe provides clarity.