FICA Bill to align SA to international standards on fighting crimes

Thursday, May 11, 2017

Pretoria – With the signing of the Financial Intelligence Centre Amendment (FICA) Bill, South Africa will be aligned to the international intervention which seeks to fight money laundering and financing of terrorism.

Briefing the media on Thursday on the outcomes of a Cabinet meeting, in Cape Town, Communications Minister Ayanda Dlodlo said Cabinet welcomed the recent signing of the Bill into law by President Jacob Zuma.

“This Bill will also contribute in strengthening the transparency and integrity of the South African financial system and make harder for criminals involved in tax evasion, money laundering and illicit financial flows to hide using the South African financial systems. 

“It forms one of the number of instruments we have as a country to fight white collar crime in both private and public sector,” Minister Dlodlo said.

During the meeting on Wednesday, Cabinet was appraised by the Minister of Finance that consultations with stakeholders, on ensuring the process of promulgation of the regulations on the FICA Act, are ongoing and will be finalized soon.

“Cabinet re-iterated that it remains committed to the fiscal policy trajectory outlined in Budget 2017, the implementation of reforms to improve governance in state owned companies; maintain the expenditure ceiling and ensuring stabilization of government debts,” Minister Dlodlo said.

World Economic Forum

Minister Dlodlo said the 27th session of the World Economic Forum on Africa (WEFA) reaffirmed to the world that South Africa remains part of the potential investment destination in the African continent.

“The strong spirit of partnership between government and the business community during WEFA was extremely positive.

“The rich discussion afforded South Africa an opportunity to showcase progress it was making toward an inclusive economic growth and to demonstrate that South Africa is open to business,” she said.

Minister Dlodlo said South Africa remains committed to stay on course in implementing its National Development Plan to reduce levels of poverty, inequality and unemployment. 

Furthermore, government is committed to its programmes of building the country’s economy and it supports economic empowerment programmes particularly in small to medium businesses.

According to the organisers of WEFA more than 1000 delegates attend the event, a number that is unprecedented when compared with previous conferences.

According to the Minister, rating agencies are expected to interact with a number of organizations and government executives in May and June as well in August or September.

Cabinet has also welcomed the recently released report by EY Consultancy firm on the Foreign Direct Investment in Africa. 

The report names South Africa as one of the largest economic hub and that it is ranked second in 2017 Africa Attractiveness Index. – SANews.gov.za

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