HALISTER1: South Africa’s Gigaba Signs FIC Amendment Act Into Operation

South Africa’s Gigaba Signs FIC Amendment Act Into Operation

(Bloomberg) -- Finance Minister Malusi Gigaba signs and gazettes coming into operation of various provisions of Financial Intelligence Centre Amendment Act, National Treasury says in emailed statement.
  • Critical for govt to accelerate implementation of act as it demonstrates govt’s commitment to fight against corruption, money laundering and illicit flows, Gigaba says
  • More work still needs to be done, he says
  • Implementation of different provisions of act to start on different dates: today, Oct. 2, and dates to be determined thereafter, but expected to be no later than end-2018
  • 1st set of provisions, which commence today, don’t require changes to existing regulations, exemptions or internal systems of institutions to enable compliance with the FIC Act
  • NOTE: FIC Amendment Act was signed into law by President Jacob Zuma on April 26 and gazetted on May 2, but commencement date was left to finance minister
  • Link to statement

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Malusi Gigaba (Republic of South Africa)

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