NEWS:

FINANCIAL INTELLIGENCE CENTRE AMENDMENT BILL SIGNED
05/28/2017

The Presidency issued a press statement on 29 April 2017 advising that President Jacob Zuma has now signed the Financial Intelligence Centre Amendment Bill into law.

The Financial Intelligence Centre Amendment Act amends the Financial Intelligence Centre Act (FICA), 2001. FICA and other related Acts aim to combat money laundering and the financing of terrorism.

These amendments to FICA strengthen the transparency and integrity of the South African financial system in its objectives to combat financial crimes, which include tax evasion, money laundering and the financing of terrorism and illicit financial flows. The amendments also make it harder for persons who are involved in illegitimate activities or tax evasion to hide behind legal entities like shell companies and trusts.

Despite it having now finally been signed by President Zuma, there could still be significant delays in implementing the legislation (one of the most important legislative weapons in the fight against corruption in South Africa), as the legislation only commences on a date to be determined by Finance Minister Malusi Gigaba and published in the Government Gazette.

ICS will discuss the implications of the amendments with our clients in due course.

 

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