After many delays and criticism from international and local businesses, president Jacob Zuma has finally signed the anti-money laundering FICA bill into law.<\/p>\n
The bill which allows for increased scrutiny of the bank accounts of “prominent individuals”, including himself, was signed into law\u00a0on Saturday.<\/p>\n
South Africa was recently informed that it\u00a0risked being kicked out of global fraud monitor, the Financial Action Task Force (FATF), if the bill was not signed by June.<\/p>\n
The initial bill was passed by Parliament last May, but was sent back\u00a0to the legislature by Zuma, who said he was concerned about the legality of provisions allowing searches without warrants.<\/p>\n
Two big proponents of the bill, the National Treasury and\u00a0Business Leadership South Africa (BLSA) urged President Zuma to sign it into law, dismissing objections leveled against it as unfounded.<\/p>\n
In January 2017, the\u00a0National Treasury argued that the current amendment was implemented to safeguard South Africa\u2019s international standing and the integrity of its banking system.<\/p>\n
In addition Business Leadership SA\u00a0believed that \u201cnone of the objections raised were\u00a0well-founded in law or policy\u201d, highlighting that other Acts already allowed for warrantless searches.<\/p>\n
The DA claimed the delay was because Zuma was concerned his relationship with the Gupta family would be under further scrutiny.<\/p>\n