Treasury says Fica Bill objections are not based on legal opinion

It [Fica Bill] is a very important tool in the fight against corruption.

Ismail Momoniat, Treasury

We are happy with the Bill as it was sent to the President.

Cas Coovadia, Banking Association South Africa

President Jacob Zuma has ordered Parliament to reconsider the Financial Intelligence Centre Amendment Bill (Fica Bill).

Zuma objects to provisions relating to warrantless searches which, according to him, are unconstitutional.

However, according to Treasury, objections against the Fica Bill are not based on legal opinion.

The Money Show’s Bruce Whitfield interviewed National Treasury Deputy Director General Ismail Momoniat and Banking Association South Africa Managing Director Cas Coovadia.

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

This legislation is important because it modernises how we deal with money laundering.

Ismail Momoniat, Treasury

We need to show our standards are as high as everybody else’s.

Ismail Momoniat, Treasury

For South Africa’s sake – we need to deal with money laundering.

Ismail Momoniat, Treasury

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
Hate plastic? Grocer Nude Foods doesn’t have any of it! It’s also cheaper…

Hate plastic? Grocer Nude Foods doesn’t have any of it! It’s also cheaper…

The concept is not new, or a hipster fad. The Money Show’s Bruce Whitfield interviews Nude Foods founder Paul Rubin.

'Motsoaledi won’t collapse private coverage, but he will harm its quality'

'Motsoaledi won’t collapse private coverage, but he will harm its quality'

The country is poised to make history. Bruce Whitfield interviews Prof Alex van den Heever of the Wits School of Governance.

The world is reliant on fertilizer and this is who controls most of it

The world is reliant on fertilizer and this is who controls most of it

One country holds as much as 70% of the world’s phosphate and we can’t feed the world without it.

Constitutionality of warrantless searches of powerful people to fight corruption

Constitutionality of warrantless searches of powerful people to fight corruption

Jacob Zuma won’t sign the corruption-fighting Fica Bill, citing warrantless searches of powerful people the Bill targets.

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.

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.

Popular articles
'Basetsana Kumalo explained to me that this was the worst week of her life'

'Basetsana Kumalo explained to me that this was the worst week of her life'

Social Media Law Expert, Emma Sadleir, says the Randburg court has issued a protection order for the Kumalo's.

A third Metrorail train goes up in flames in less than a month

A third Metrorail train goes up in flames in less than a month

Regional manager, Richard Walker, says there's an indication of arson in all three incidents but the motive is still not clear.

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

Political analyst Prince Mashele talks about the ANC NEC meeting contradicting messages stemming from this.

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

The Money Show’s Bruce Whitfield interviews the famed and fearless journalist about his money history, hopes and beliefs.

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

Not sure which shares to buy? Bruce Whitfield interviews Gerbrand Smit, Chief Investment Officer at Nefg Fund Managers.

Malema under fire after 'Indians are racist' comment

Malema under fire after 'Indians are racist' comment

SA Institute of Race Relations media head Micheal Morris says politicians must be cautious of such divisive statements they make.

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

Show host Eusebius McKaiser says EFF's leader Julius Malema's comments on Indians are grossly unacceptable and irresponsible.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Stage 1 load s​hedding has been declared nationally. The City of Cape Town has urged residents to take note of the schedules.

Man who dumped body of family dog in street demoted at top JHB law firm

Man who dumped body of family dog in street demoted at top JHB law firm

Media law guru Emma Sadleir warns employees online that there are many potential events that could bring a company into disrepute.