Johannesburg - The Economic Freedom Fighters (EFF) says South Africa’s Financial Intelligence Centre (FIC) Amendment Bill is needed to fight crime and illicit flows in the country.
The bill, which was debated in Parliament this week, seeks strengthening regulations that deal with money laundering and illicit financial transactions.
The legislation further seeks bringing South Africa in line with standards set by the global Financial Action Task Force (FATF).
But progress on the bill has stalled as President Jacob Zuma in November last year referred it back to the National Assembly.
After the bill had been on his desk for several months, Zuma expressed concerns over whether the provision for warrantless searches would pass constitutional muster.
However, following public hearings into these concerns over the bill in Parliament this week, the EFF has come out behind the FIC Amendment Bill.