South Africa president signs anti-money laundering law

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South African President Jacob Zuma signed the anti-money laundering Financial Intelligence Centre Amendment (FICA) [text, PDF] on Saturday to combat tax evasion and money laundering in the country. The global Financial Action Task Force (FATF) [official website] organization had threatened to oust South Africa if the amendment had not been passed before June 20. Supporters say the law is a tool against international financial crime, making it easier to identify the actual owners of accounts around the world and would apply to Zuma and other prominent figures in South Africa. The legislature passed the bill last year, but Zuma originally refused to sign it, citing concerns about its constitutionality [Bloomberg report]. In February the Legislature approved changes to the bill to meet Zuma’s concerns.

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