Casac hopes Fica bill will strengthen anti-corruption agencies

The bill has been signed into law after much delay. 

President Jacob Zuma sent the bill back to Parliament earlier this year, citing concerns regarding the constitutionality of warrantless searches.

The bill was unanimously passed by Parliament earlier this year.

Casac's Lawson Naidoo believes the president's concerns was merely a delay tactic. 

"We welcome the fact that the bill has been signed into law and we hope we can now get onto the business of fighting corruption and money laundering and dealing with suspicious transactions which have fallen under the radar. 

"We hope the Financial Intelligence Centre and other anti-corruption agencies will, with the signing in of the bill, be strengthened to execute their mandates more effectively and deal with politically exposed persons and other people who benefit from dealings with the state," Naidoo says. 

The law is designed to combat money laundering, and will ensure prominent people are subject to enhanced scrutiny by 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 regularly monitor these accounts.