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SA faces dire consequences if FIC Bill not signed - Treasury

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ANC MP Yunus Carrim has been chairing the committee on the FIC bill. (Source: Beeld)
ANC MP Yunus Carrim has been chairing the committee on the FIC bill. (Source: Beeld)

Cape Town – Scrapping the Financial Intelligence Centre (FIC) Bill, as suggested by two black business groups in Parliament on Wednesday, will have a disastrous effect on South Africa, National Treasury has warned. 

Ismail Momoniat, who represented National Treasury during public hearings into the FIC Bill on Wednesday, made an impassioned plea to MPs to consider the impact if the Bill is not signed into law. 

He said not complying with international standards of the Financial Action Task Force (FATF) will lead to punitive action from the international financing community that will have the same effect as a ratings downgrade, as it will increase the likes of borrowing costs. 

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