Managing director of Banking Association of South Africa, Cassim Coovadia, says it is not valid to say that the Financial Intelligence Centre Amendment Act, so-called Fica Bill, gives too much to the banks, will target black people unfairly and is racist.
Coovadia says all legal opinion has found the President's contention to have no standing, and the Bill is, in fact, constitutional.
President Jacob Zuma sent the Bill back to Parliament raising concerns about the constitutionality of provisions relating to warrant-less searches in the Bill.
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This article first appeared on 702 : Legal opinion finds Zuma's contention on Fica Bill has no standing - Coovadia