South African President Signs Anti Money Laundering Bill

Reuters Africa is reporting South African president Jacob Zuma has signed an anti money-laundering bill FICA, which allows increased scrutiny of the bank accounts of ‘prominent individuals.’ Zuma, who has been under fire for corruption and ethics violations since taking office, is included as one of those ‘prominent individuals.’ Zuma signed the bill into law on Saturday, his office said. Reuters states:

“The country risked being kicked out of global fraud monitor, the Financial Action Task Force (FATF), if the Financial Intelligence Centre Amendment (FICA) bill was not signed by June.

The bill, intended to bolster the fight against global financial crime by making it easier to identify the ultimate owners of companies and accounts – including those of “domestic prominent influential persons” – was passed by parliament in May.

But Zuma sent in it back to the legislature saying he was concerned about the legality of provisions allowing searches without warrants.

‘The President is now satisfied that the Act addresses the constitutional concerns he had raised about warrantless searches,’ said the statement from the presidency.”

Read more about this story at Reuters Africa.

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