Masutha in talks with Gigaba about reviving FIC advisory council
Justice Minister Michael Masutha wants the regulations that will give effect to the FIC Act to provide for the restoration of the anti-money laundering council.
CAPE TOWN – Justice Minister Michael Masutha says he is in talks with Finance Minister Malusi Gigaba about reviving an advisory council created in terms of Financial Intelligence Centre (FIC) legislation but scrapped when the law was amended.
President Jacob Zuma signed the FIC Amendment Bill last month, but it has yet to be promulgated by Gigaba.
The anti-money laundering council was never constituted and both Masutha and national prosecutions head Shaun Abrahams criticised former finance ministers for failing to do so while briefing at Parliament today.
Masutha wants the regulations that will give effect to the Fic Amendment Act to provide for the restoration of the anti-money laundering council.
“We are in conversation with the new minister of finance to try and improve cooperation in this regard. And we will in due course be approaching Cabinet, possibly, collectively.”
Abrahams blamed former finance ministers for having failed since 2002 to constitute the council.
“We could have made grave inroads as a country in our endeavours to overcome the massive plight we face in the fight against money laundering, terror financing and illicit financial flows.”
The council would bring together not only Treasury, the Reserve Bank and the financial sector but also police, state security and other individuals and entities decided by the minister.