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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
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