PPF Statement on the signing of the FIC Bill

29 April 2017

PPF notes the statement from the Presidency regarding His Excellency's signing of the FIC Bill into Law.

PPF further notes that Parliament made certain amendments to bring the Bill in line with the Constitution following the objection by the President. These amendments effectively mean that the bill was not signed in its original form.

Consequently, PPF will be studying the signed Bill to verify and ascertain if the issues raised by PPF have been addressed.

It is important to note that PPF believes in the fundamental pillars of our democracy which inter alia is to find solutions through engagements with a view to influencing one another and finding mutual solutions.

To that end, PPF intends approaching the Minister of Finance on an urgent basis with the aim to engage and convince him not to rush into signing off this Bill before he gives PPF audience.

Should the above action with the Minister fails and after taking guidance from the PPF legal counsel, PPF will assess its options including approaching constitutional court for final determination on our concerns.

It is important to note that PPF supports the fight against money laundering and financial illicit flaws. PPF remains committed to ensuring that the South African public is not made vulnerable by laws that do not pass the Constitutional muster.

It is and remains our strong held view that Banks do not hold the moral authority and obligation to investigate and prosecute on this matter and that such powers, as so dictated by the Constitution, must remain within the relevant law enforcement agencies.

Statement issued by Luther Lebelo, Secretary General – PPF, 29 April 2017