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SA signs anti-money laundering law

anti-money laundering law
Flag of South Africa

To combat tax evasion and money laundering, president of South Africa Jacob Zuma signed the anti-money laundering law FICA (Financial Intelligence Centre Amendment). The underlying reason is a threat to oust South Africa by the FATF (Financial action Task Force), asking for the amendment to be finalised before 20th June.

Supporters of the anti-money laundering law say the law is a tool against international financial crime. The law is expected to make it easier to identify the actual account owners around the world and would also apply to Zuma and other important figures in South Africa. Mandatory to mention is that it’s not the first time the South African president has been connected to corruption on several occasions.

Zuma initially refused to sign the law, expressing his concerns about its constitutionality (source: Bloomberg report). As a reply, the Legislature did approve changes to meet Zuma’s concerns, in February.

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