Finweek English Edition - - THE WEEK -

Pres­i­dent Zuma has fi­nally signed the Fi­nan­cial In­tel­li­gence Cen­tre Amend­ment Bill (Fica), which will pro­vide for “more scrutiny and ease of re­port­ing of in­di­vid­u­als and trans­ac­tions re­lated to money laun­der­ing”, into law, Money­web re­ported. The de­layed bill, once en­acted, will make it more dif­fi­cult for per­sons who are in­volved in il­le­git­i­mate ac­tiv­i­ties or tax eva­sion to hide be­hind le­gal en­ti­ties like shell com­pa­nies and trusts, the pres­i­dency said in a state­ment. The bill faced fierce op­po­si­tion from the Pro­gres­sive Pro­fes­sion­als Fo­rum, which has since promised to chal­lenge the bill in the Con­sti­tu­tional Court, ar­gu­ing that it gives un­due pow­ers to South Africa’s bank­ing sec­tor.

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