Halister News

(Bloomberg) -- Threat of Financial Action Task Force measures as bad as downgrade to credit ratings, National Treasury’s Head of Tax & Policy Ismail Momoniat tells lawmakers in Cape Town.

• “If the bill is not passed then other countries would be less likely to provide information that we need to prosecute South African criminals who take their funds out of South Africa,” Momoniat said, adding that the FATF could terminate South Africa’s membership, making it difficult to tackle illicit cross-border financial movements
• Parliament to hold public hearings on Financial Intelligence Centre Bill in late January, while FATF deadline mid- February; based on that, bill can only be passed on Feb. 21 at earliest, Finance Committee Chairman Yunus Carrim tells lawmakers
• NOTE: President Jacob Zuma returned Financial Intelligence Centre Act Amendment Bill to Parliament earlier this month saying that provisions for searches being conducted without a warrant were unconstitutional