Zuma finally signs FICA bill into law

President Zuma previously referred the bill back to Parliament after he raised concerns that the bill may be unconstitutional. 

Zuma raised the concerns regarding constitutionality of warrantless searches contained in the Fica Amendment bill, in particular, whether warrantless searches could amount to unjustifiable infringement of the right to privacy.

But the Presidency says Zuma is now satisfied that the Act addresses the constitutional concerns he had raised. 

Earlier this year, Parliament passed the amended FICA Bill unanimously. 

The law is designed to combat money laundering, and will ensure that prominent people are subject to enhanced scrutiny by the banks.

The legislation requires senior bank officials to approve the accounts of prominent, influential people and obliges banks to establish the source of funds, as well as monitor these accounts on a regular basis.

"The Amendment Act sends a strong message about South Africa's commitment to combating financial crime, protecting the integrity of our financial system and our tax base, and remaining part of the global financial system. They further demonstrate South Africa's membership commitments to the Financial Action Task Force and United Nations," President Zuma says.