President Zuma is stalling on signing FICA bill - and it remains a mystery why

Global group, the Paris-based Financial Action Task Force (FATF) has said South Africa needs to get moving on the Financial Intelligence Centre Amendment (FICA) Bill.

They have warned that the country's banks risk being exposed to illicit money flow that could hurt South Africa's investor sentiment.

EWN Parliament correspondent, Gaye Davis says the FICA bill was passed by Parliament.

It went to the President for his signature and he sent it back to Parliament saying he was worried about whether the warrant-less searches that it allows for would pass constitutional musters.

Gaye Davis, EWN Parliamentary Correspondent

At the beginning of this year we saw the standing committee on finance bringing up a brace of very highly qualified advocates to give their opinion on the constitutionality of this particular aspects of the bill.

Gaye Davis, EWN Parliamentary Correspondent

We also saw Mzwanele Manyi, basically launching an assault on this bill, wanting the whole thing scrapped.

Gaye Davis, EWN Parliamentary Correspondent

Davis says the National Assembly approved this particular clause unanimously and subsequently sent back to the President Jacob Zuma for his signature. She says all that remains now if for the President to sign the bill. She says there is lots of speculation as to why he hasn't yet signed off on the bill.

The latest amendment involves dealing with politically influential people and their families and close associates, it's about banks and other financial institutions being obliged to monitor the actives of such people in more detail.

Gaye Davis, EWN Parliamentary Correspondent

Listen to the full report with Gaye Davis on the implications South Africa faces should it not comply with the recommendations:

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