South African President Signs Political Party Funding Act

(Bloomberg) --

South Africa’s president approved legislation that will regulate public and private funding of political parties.

The Political Party Funding Act prohibits donations by foreign governments and agencies, and precludes members of political parties from receiving donations other than for political-party purposes, the presidency said in a statement Friday. It will come into operation on April 1.

The act “will have far-reaching consequences for good governance and ethical political activity,” the presidency said. “It will strengthen the confidence of citizens in the democratic political process and enable them to assert their right to information.”

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