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:
This article first appeared on 702 : CASAC: SA banks' international credibility at stake if Fica Bill not signed