Johannesburg, 26 April 2016 - The amount of money leaving Africa illegally every year has risen 60 percent. But even this figure is an underestim
CAPE TOWN - President Jacob Zuma has referred the Financial Intelligence Centre Amendment (Fica) Bill back to the National Assembly for reconsideration.
"After consideration of the bill and having applied my mind to it, I am of the view that certain provisions do not pass constitutional muster," he said in a statement on Tuesday.
Zuma has been accused of delaying the legislation, which passed through Parliament in May and was sent to him in June.
Its amendments are aimed at strengthening the prevention of money laundering and the financing of terrorism.
Zuma said on Tuesday he was referring the the Bill back to the National Assembly for reconsideration for the reasons he had set out.
Zuma had in particular raised concerns about the warrantless searches provided for by the Bill.
These fell short of the constitutional requirements not to unjustifiably limit the right to privacy, he said.
Although he knew that the amended laws were needed, they had to be in line with the constitution, Zuma said.