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FIC Bill delays could harm SA's global standing - banking body

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Cape Town - Cas Coovadia, managing director of the Banking Association of South Africa, has expressed concern over the delay in the ratification of the Financial Intelligence Centre (FIC) Bill.

Speaking to Fin24 on the sidelines of a parliamentary committee briefing on Wednesday, Coovadia said he disagreed with ANC members’ stance that the passing of the bill is not an urgent matter.

“We don’t agree that there’s no urgency. There is urgency. Although we shouldn’t be dictated to by global institutions, we can’t deny that we are a globally connected banking sector and respected for our global connectedness, and we have to work properly with these institutions.”

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