The opposition party says the new Minister of Finance Malusi Gigaba may delay the implementation of the Financial Intelligence Centre Amendment (FICA) Bill, which it describes as one of the most important legislative weapons in the fight against corruption in South Africa.
David Maynier, DA spokesperson said the bill provides for the ongoing monitoring of the business relationships, sources of wealth and sources of funds of “domestic prominent influential persons,” and family members and close associates of “domestic prominent influential persons,” in the country.
The amendments would also make it harder for people who are involved in illegitimate activities or tax evasion to hide behind legal entities like shell companies and trusts.
Maynier warned that Zuma and his most important “clients”, the Guptas, are going to “feel the heat” as their business relationships, sources of wealth and sources of funds are subjected to ongoing monitoring by financial institutions in the country.
He said the Financial Intelligence Centre must, for example, still produce an official list of “domestic prominent influential persons” and of family members and known close associates.
“This will be a massive task because the list of ‘domestic prominent influential persons’ includes, for example, senior executives, as well as family members and close associates of senior executives, of all companies supplying goods and services above a threshold amount, which must be determined by the minister and published in the Government Gazette.”
Maynier said that there were also doubts over whether the Financial Intelligence Centre, which only has a budget of R289 million for 2017/18, will have the resources to effectively implement the act.