Corruption Watch has written to finance minister Malusi Gigaba, requesting clarification on the date on which the Financial Intelligence Centre (FIC) amendment act will commence, as well as timeframes for the finalisation of regulations and schedules required to support the implementation of the act.
President Jacob Zuma signed the FIC amendment act into law on 29 April 2017.
Gigaba is responsible for determining the date on which the legislation must commence, but Corruption Watch is concerned that sufficient measures might not have been put into place in order for the legislation to become effective before the next review of the Financial Action Task Force (FATF), and whether these deficiencies will result in South Africa failing to meets its FATF obligations. The FATF holds its next plenary session from 21 to 23 June and had delayed making a public statement on South Africa’s FIC progress until after that meeting.
Download our letter to Gigaba.
The letter was also sent to Yunus Carrim, chairperson of Parliament’s standing committee on finance as well as Allen Wicomb, the standing committee’s secretary.