Justice Minister Michael Masutha says he is hoping to get into talks with Finance Minister Malusi Gigaba about the revival of the anti-money laundering council that was scrapped when the Financial Intelligence Centre Bill was amended.
The FIC Amendment Bill was signed by President Jacob Zuma last month but it has yet to be promulgated by Gigaba.
Masutha elaborated on the functions of this council and its objectives.
Its function has always been to exercise oversight from the Financial Intelligence Centre and playing a governance role in terms of holding state accountable.— Michael Masutha, Minister of Justice
Masutha says the council will provide capacity to effectively deal with issues of money laundering, terror financing and stamping out illicit capital finance.
According to Masutha, this council was never convened for the last 15 years and this shows that there has been a case of non compliance with legislation.
We are saying we aren't complete in putting together the machinery as originally conceived...— Michael Masutha, Minister of Justice
To hear more from Justice Minister, listen below:
[Watch] Justice Minister Michael Masutha speak to CapeTalk's Koketso Sachane below: