Fica Amendment Bill

However the Financial Intelligence Centre has assured MPs that the legal profession's privllege would not be compromised. The Law Society of SA said the amendments to the Financial Intelligence Centre Act (Fica) could interfere with the independence of the profession, which required attorneys to be free to carry out their work without interference - or fear of reprisal.

The Banking Association of SA has expressed concerns about what institutions should be expected to pay for an inspection by the Financial Intelligence Centre - or one of the supervisory bodies, including the Financial Services Board, or the Reserve Bank.

Article on Business Report