By Gaye Davis
Eye Witness News

A showdown is looming at Parliament on Wednesday over the Financial Intelligence Centre Amendment (Fica) Bill.

The bill aims to curb money laundering, illegal outflows of capital and terror financing.

President Jacob Zuma sent the bill back to Parliament, citing concerns that its provision for warrant-less searches may be unconstitutional.

The Black Business Council and Progressive Professionals Forum want the entire bill scrapped.

They’re up against the Banking Association of South Africa, Business Unity South Africa and a host of other organisations who want the bill to become law.

Business Leadership South Africa’s deputy chairperson Bonang Mohale says, “Who can possibly be against a bill that’s about the prevention of money laundering, white collar crime, corruption, terrorism and other nefarious financial activities, especially as South Africa has been a global leader on these issues. But we now risk becoming a pariah.”

Parliament’s standing committee on finance is having hearings on the bill on Tuesday. Committee chairperson Yunus Carrim says the rules stipulate that only the clause flagged by Zuma can be debated, and not the entire bill.