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Fica gets on the road

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Finance Minister Malusi Gigaba.(Photo: AFP)
Finance Minister Malusi Gigaba.(Photo: AFP)

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.

Deputy Finance Minister Sfiso Buthelezi said at the World Economic Forum (WEF) this month that National Treasury would “get cracking” on the new sections that would be associated with the new act, which targets money laundering and other illicit activity, after President Jacob Zuma signed it into law late last month.

Banking Association of SA managing director Cas Coovadia said at the WEF that more about the implementation of Fica would become clear when the act’s regulations are put in place.

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