South African Banks Want Zuma to Pass Money Laundering law

(Bloomberg) -- The Banking Association of South Africa, which represents the country’s biggest banks, wants President Jacob Zuma to pass the Financial Intelligence Centre Amendment Bill , which targets money laundering.

“We have full faith in the South African Reserve Bank and we are happy with the FIC amendment bill,” said BASA’s Managing Director Cas Coovadia on Tuesday. “We have to abide by international best practice on money-laundering.”

Zuma has delayed signing the bill because it has been challenged by the Progressive Professionals Forum on constitutional grounds. The bill provides for tightened regulation by banks of politically exposed persons, which include politicians, their families and their business connections.

“It marks the cutting edge of best practice and we urge the president to sign,” Coovadia said.

To contact the reporter on this story: Ferial Haffajee in Johannesburg at fhaffajee@bloomberg.net. To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net, Rene Vollgraaff