South Africa: Parliament approves Fica bill
01 Mar 2017

Parliament yesterday approved an anti-money-laundering bill that will increase scrutiny of the bank accounts of “politically exposed people” three months after President Jacob Zuma sent it back to MPs for reconsideration because of concerns about its constitutionality.

The National Assembly voted across party lines to have the Financial Intelligence Centre Amendment (Fica) bill sent to Zuma for enactment almost unchanged from when it was submitted to him in May.

The bill is meant to bolster the fight against global financial crime by making it easier to identify owners of companies and accounts – including those of “domestic prominent influential persons”.

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