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National Assembly unanimously adopts FICA bill, despite ‘threat’ to political donors

Parliament has, for a second time, sent the FICA bill to the president to sign into law, after he sent it back the first time.

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Even the ANC caucus in parliament is on board with the Financial Intelligence Centre Amendment bill, while the president hesitates.

Zuma sent the bill back to parly last year, saying there might be constitutional issues around warrantless searches provided for in the bill. The ANC caucus believes the bill would be a powerful weapon against money laundering and exposing those would seek to fund terrorism.

Essentially, FICA gives financial institutions greater power to look at dodgy money trails, which didn’t sit well with some public figures, including Progressive Professionals Forum chair and former government spokesperson Jimmy Manyi, who famously said the bill would expose dodgy ANC donors and could bankrupt the party by 2019.

Read: Fica bill would expose ‘questionable’ donors, bankrupt the ANC. Manyi

The DA lashed out at Zuma for initially sending the bill back to parliament, saying he was wasting MPs’ time, so we’ll see if he signs off on the second one, which has clarified the rules around warrantless searches.

“There are further provisions on the need for inspectors to conduct their inspections with due regard to people’s constitutional rights, including the right to privacy,” said finance committee chair Yunus carrim.

The DA praised the bill for allowing banks to take a much closer look at people’s finances, and more importantly, where their money comes from.

“We need to see Jimmy Manyi and his band of banker bashers for what they really are; arsonists dressed as firefighters,” the Alliance’s David Maynier said.