South Africa has to be a better option for Trump than Greenland is, writes Howard Feldman.
The SA Reserve Bank's Prudential Authority has disciplined HSBC Bank Johannesburg for weaknesses in its processes that prevent the bank from "proactively detecting potential money laundering and the financing of terrorism".
There has been no indication yet whether 72 suspicious transactions worth R6.8bn with which the Gupta family is connected, will be investigated further.
Having a concentrated banking sector is not necessarily a weakness and having four major banks adds weight to the soundness of the financial sector, says BASA managing director Cas Coovadia.
The Progressive Professionals’ Forum has promised to challenge the recent signing of the Financial Intelligence Centre Amendment Act by Finance Minister Malusi Gigaba.
Finance Minister Malusi Gigaba has signed and gazetted various provisions of the Financial Intelligence Centre Amendment Act, says National Treasury.
Finance Minister Malusi Gigaba is this week going to announce a road map for how the new amended Financial Intelligence Centre Act (Fica) will be implemented.
Communications Minister Ayanda Dlodlo says the finance minister is consulting all stakeholders who will oversee the amended FICA, but there is no clear timeframe yet for implementation.
The SA Institute of Professional Accountants has reservations about the provision for warrantless searches in the Financial Intelligence Centre Amendment bill.
South Africa’s banking sector is becoming a battleground between President Jacob Zuma’s patronage-driven ANC and those opposing that faction, according to two analysts.
A legal reform campaigner fighting 'court capture' has told Parliament that the Financial Intelligence Centre Amendment Bill is in breach of the Constitution.
Complying with the Financial Intelligence Centre Act can be time-consuming for financial services providers. Start-up DocFox has come up with a solution that makes the process less painful.
The banking industry remains profitable despite tough economic conditions, but matters could improve, according to banking association MD Cas Coovadia.
Complying with the Financial Intelligence Centre Act will be costly for banks and it will impact consumers, says representatives of the Banking Association of South Africa.
The battle over the implementation of the Financial Intelligence Centre Amendment Act is far from over, says the Democratic Alliance, which is calling for a hearing into the matter.
Absa bank has threatened to close the bank account of President Jacob Zuma’s wife, Tobeka Madiba-Zuma over suspicious flows, according to a report.
This week saw two prominent economic leaders warning against calls to seize land, saying it would not lead to economic transformation and requires more nuanced planning.
The Progressive Professionals Forum has promised to challenge the newly approved FICA bill in the Constitution Court.
The Economic Freedom Fighters says South Africa’s Financial Intelligence Centre Amendment Bill is needed to fight crime and illicit flows into the country.
A Parliamentary committee is conducting public hearing into the controversial FIC Bill that has been sent back to Parliament by President Jacob Zuma.
Every allegation against the Gupta family, by banks who stopped doing business with them, will be dealt with in detail, says lawyer Gert van der Merwe.
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