South Africa: FIC Amendment Bill - It Was Always About 'Politically Exposed Persons'

analysis

Competing ANC interests exploded into the public when considerations of the constitutionality of Financial Intelligence Centre inspectors' warrantless searches turned into verbal attacks against racist banks and undermining of black business. The Black Business Council and Progressive Professionals Forum (PPF) in Parliament on Wednesday reopened broader discussions on the Financial Intelligence Centre Amendment Bill. "The essence of this thing [the Bill] is to deal with 2019 [elections]. When we get to 2019, the ANC is broke as hell," was how PPF president Mzwanele Manyi put it. And ANC MPs' responses highlighted divisions in the governing party. By MARIANNE MERTEN.

The finance committee's official agenda was to hear public submissions on the warrantless searches about which President Jacob Zuma expressed concerns of unconstitutionality when he referred the Financial Intelligence Centre Amendment Bill back to Parliament in November 2016 instead of signing it into law. What unfolded was a stinging attack on a legislative measure meant to bring South Africa up to date with international standards to prevent money laundering, funding of terrorism and corruption against looming potential penalties that would affect the economy.

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