President Jacob Zuma has signed the Financial Intelligence Centre Amendment (FICA) Bill, However, it must still be implemented. The bill is intended to strengthen measures to combat money laundering and the financing of terrorism‚ and in particular, will require enhanced vigilance over the financial transactions of prominent influential persons.
What does the Bill include?
The various methods to strengthen anti-money laundering and the combating of terrorist financing regulatory framework in the Amendment Act include:
The FICA Amendment Bill will provide for ongoing monitoring of the business relationships, sources of wealth, and sources of funds of “domestic prominent influential persons” and family members and close associates of such persons in South Africa. The amendments will apparently also make it harder for people involved in illegitimate activities or tax evasion to hide behind legal entities such as shell companies and trusts.
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