Finance committee warns Treasury over delays regarding Fica amendment - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The Standing Committee on Finance has warned that National Treasury will have to take responsibility if the October deadline of amending the Financial Intelligence Centre Act is not met.

The amendments seek toCommittee Chairperson, Joe Maswanganyi, says, “In the public domain out there, it was like Parliament is holding on to processing this matter South Africa will be grey-listed because Parliament. That’s not the case. Let that be cleared that this matter is coming to us for the first time and Parliament doesn’t take short cuts in processing matters. This is a matter of public interest. So, we have to make sure that we must go through the public hearings.

Meanwhile, the Financial Intelligence Centre has told the Standing Committee on Finance that financial sector role players should not assume that small businesses are low risk when it comes to money laundering.

 

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