June 14 2017
South Africa may escape being placed on the watch list of a global fraud monitoring group after the Finance Minister Malusi Gigaba signed the FICA Act on Tuesday. The Financial Action Task Force had threatened to put the country on a watch list because of delays in passing the Financial Intelligence Centre Amendment Act. The Act seeks to prevent money laundering and other financial crimes. Gigaba heads off to Paris next weekend for the Financial Action Task Force meeting. He goes there having complied with the group’s rules by signing the Fica Act which seeks to prevent money laundering, tax evasion and other financial crimes.