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

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Article brought to us by Old Mutual.


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