Gigaba denies delaying Fica amendments so that Guptas could continue looting
Former minister Malusi Gigaba is back at the state capture commission where he is responding to allegations made by former Treasury deputy director-general, Ismail Momoniat.
JOHANNESBURG - Former minister Malusi Gigaba denied that he delayed passing amendments to the Financial Intelligence Centre Amendment Act (Fica) so that the Guptas could continue looting and open a bank.
Gigaba is back at the state capture commission where he is responding to allegations made by former Treasury deputy director-general, Ismail Momoniat.
Momoniat said that Gigaba delayed because the amendment would ensure that "domestic prominent influential persons" doing business with the state above a certain threshold amount would be subjected to enhanced scrutiny by financial institutions.
"The conclusion is that the failure to pass this bill would have been convenient for the Guptas and their associates' attempts to launder money and in fact to buy a bank if it had been delayed, so that's the conclusion, so I'm going ask Mr Gigaba to comment on this," evidence leader Advocate Anton Myburgh said.
South Africa delayed until the banking sector started getting nervous because non-compliance with the international standards of the global financial crime monitor, the Financial Action Task Force, would have had severe implications for the sector.
But Gigaba said that Parliament and Cabinet had to be satisfied that the amendment would not be unconstitutional.
"... glaring in his affidavit is the mere fact that the consideration that eventually in 2017 I facilitated meetings with the departments of Justice, State Security, Defence and others, which finally brokered an agreement."
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