SA banks urge Zuma to pass money laundering law | Fin24
  • Mpumalanga Mine

    Constitutional Court rejects coal mining company’s attempt to appeal – but the saga isn’t over.

  • Audit Outcomes

    Turnaround plans had virtually no impact for ailing parastatals, the Auditor-General has found.

  • Battery Power

    Gordhan: Government intends to sign off soon on a "world class" battery storage project.


SA banks urge Zuma to pass money laundering law

Sep 07 2016 07:12
Ferial Haffajee

Johannesburg - The Banking Association of South Africa, which represents the country’s biggest banks, wants President Jacob Zuma to pass the Financial Intelligence Centre Amendment Bill, which targets money laundering.

“We have full faith in the South African Reserve Bank and we are happy with the FIC amendment bill,” said Basa’s Managing Director Cas Coovadia on Tuesday.

“We have to abide by international best practice on money laundering.”

Zuma has delayed signing the bill because it has been challenged by the Progressive Professionals Forum on constitutional grounds.

READ: Zuma denies stalling bank bill, attack on Gordhan

The bill provides for tightened regulation by banks of politically exposed persons, which include politicians, their families and their business connections.

“It marks the cutting edge of best practice and we urge the president to sign,” Coovadia said.

Read Fin24's top stories trending on Twitter:

cas coovadia  |  jacob zuma  |  banks  |  money laundering


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote