The Standing Committee on Finance has warned that National Treasury will have to take responsibility if the October deadline of amending the Financial Intelligence Centre Act (Fica) is not met.

It says National Treasury delayed in submitting the proposed amendments.

In June, authorities warned the Committee that South Africa’s anti-money laundering legislative framework is lagging behind when compared with international standards.

The committee on Tuesday started public hearings on proposed changes to the act.

The amendments seek to tighten loopholes in the fight against money laundering and the financing of terrorist activities.

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