Fica for your hol­i­day

Finweek English Edition - - Letters - DEEO KRUGER

I’M IN PRIN­CI­PLE in favour of the Fi­nan­cial Intelligence Cen­tre Act, com­monly known as Fica. The steps to pre­vent money laun­der­ing and cor­rup­tion are com­mend­able, but it makes life dif­fi­cult for the good guys. You reg­u­larly hear com­plaints about in­for­ma­tion hav­ing to be sub­mit­ted re­peat­edly to the banks and about ac­counts be­ing frozen, as our fam­ily has also ex­pe­ri­enced.

But the prob­lem that we can’t solve is that my daugh­ter, who lives and works in the United States, couldn’t change for­eign cur­rency when she was re­cently on hol­i­day in SA.

As a South African cit­i­zen she must have an SA bank ac­count, Fica clear­ance and proof of a res­i­den­tial ad­dress in SA to ex­change US dol­lars for rand. Proof of her res­i­den­tial ad­dress and bank ac­count in New York, as well as a pass­port show­ing that she was in SA for the first time in two years, weren’t ac­cept­able.

Does any­one know what an SA cit­i­zen who lives over­seas can do if he/she wants to hol­i­day in SA – with­out mak­ing false state­ments or dis­tort­ing the truth?

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