The Financial Intelligence Centre Act (Fica) is important legislation because this will be closely monitored by the financial world to see if South Africa is abiding by the norms of governance. That's according to chief economist at Econometrix, Azar Jammine.
A failure to pass this amendment will jeopardise our credit rating and lead to potentially more situations of the like of future growth not lending to SOEs (State Owned Enterprises) for example.— Dr. Azar Jammine, Chief Economist, Econometrix
The perception will exist that this is another one of those instances where the government is unwilling to implement what is seen to be normal global cooperative governance.— Dr. Azar Jammine, Chief Economist, Econometrix
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The Council for the Advancement of the South African Constitution (Casac) is calling on President Jacob Zuma to urgently sign the Bill into law or return it to the National Assembly if he has reservations.