CAPE TOWN: South African President Jacob Zuma has signed the once-controversial Financial Intelligence Centre Amendment (FICA) bill into law, the Presidency said on Saturday.
The FICA amends the Financial Intelligence Centre Act 2001, which, along with other related acts, aims to combat money laundering and the financing of terrorism.
These amendments further 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. In 2016, Parliament passed the FICA, but Zuma rejected to sign it into law, saying certain provisions of the Bill did not pass constitutional muster.
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