Finance News South Africa

After a massive outcry from civil society, Finance committee refuses to rubber-stamp greylisting bill

Tuesday's decision by Parliament's Standing Committee on Finance to ensure constitutionally compliant, meaningful public consultations is a win for civil society organisations. One after another they raised concerns with MPs about the rush to push through this draft legislation, and its proposed mandatory registration of non-profit organisations.
Source: FreePik
Source: FreePik

The decision came as the National Treasury and the Financial Intelligence Centre (FIC) — again — raised the big stick of global anti-money laundering entity the Financial Action Task Force (FATF) deadlines that, if missed, would lead to South Africa’s greylisting, and increase the costs of financial transactions and doing business.

But committee chairperson Joe Maswanganyi would have none of that. “Don’t bring bills to Parliament that you want processed in one month. Parliament is a legislative body, not a department.

Read the original article on Daily Maverick.

Source: Daily Maverick

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