New Age2.png Financial tyranny for SA if bill becomes law Tshepo Kgadima, The New Age, Johannesburg, 6 July 2016 Thomas Jefferson once said: "I believe that banking institutions are more dangerous to our liberties than standing armies." I have been astonished at the lack of publicity and awards around the Financial Intelligence Centre Amendment Bill, which is on the verge of being signed into law, particularly taking into account that the bill introduces new provisions and amendments to the current Financial Intelligence Centre Act of 2001 with far-reaching and draconian implications for the citizenry. One of the notable new provisions in the bill is the definition of domestic prominent influential person (DPIP) or politically exposed person (PEP) in other countries such as Australia, Canada, France, UK and so on. Under the bill, the definition, DPIP, includes the president and deputy president of South Africa, ministers, deputy ministers, DGs, premiers, MECs, mayors, municipal managers, CFOs, judges and chairmen, CEOs and CFOs of private companies, which do any form of business with any state organ or department. Accountable (not) The bill's provision, termed Risk Management and Compliance Programme, transfers power and authority to pass punitive sanctions such as closing of a bank account or termination of services, from a transparent independent judicial process into the hands of what is defined as accountable institutions (banks, insurers, auditors, lawyers and so on). Once the bill is signed into law, tens of thousands of persons and entities will immediately enjoy the unfortunate title of DPIP, as would been decreed by the new "emperors" (I mean banking and financial institutions), thus totally excluding the newly declared "villains" (DPIPs) from the global financial system. Effectively, the bill will do away with the long standing sacrosanct legal principle of audi alteram partem (or audiatur et altera pars), a Latin phrase meaning "listen to the other side", or "let the other side be heard as well". It is the principle that no person should be judged without a fair hearing in which each party is given the opportunity to respond to the evidence against them. Profiling South Africans should be even more worried and horrified as it appears that various banking and financial institutions have gone ahead to profile and take punitive sanction of terminating services and closing bank accounts of certain clients using the new provisions, with Oakbay-linked companies being the most prominent case in point. It is important to note that the US does not have any laws which define its own citizens as PEPs or DPIPs except for foreign nationals. Equally, both Russia and China, though they too are permanent members of the UN Security Council, have not made any laws to define their citizens as DPIPs or PEPs. Tyranny I therefore find it highly absurd that in South Africa we are about to pass such a draconian piece of legislation, which will transfer absolute power and authority into the hands of the banking institutions to arbitrarily decide who is a DPIP or PEP and then proceed to close accounts of such persons without transparent legal due process and recourse. This is financial tyranny and a total assault on our civil liberties as enshrined in Chapter 2 (Bill of Rights) of our Constitution. Thomas Jefferson said: "When injustice becomes law, resistance is duty." One can only hope and pray that a majority of South Africans will rise up and dutifully resist this impending tyrannical rule by the mob, which are banking institutions. It is furthermore hoped that President Jacob Zuma is fully aware of the impending doom on the innocent and will thus have the good conscience not to sign this draconian amendment bill into law. . Tshepo Kgadima is an analyst From: http://tnaepaper.co.za/DRIVE/main%20edition/06072016/epaperpdf/20.pdf __________ Information from ESET NOD32 Antivirus, version of virus signature database 13758 (20160705) __________ The message was checked by ESET NOD32 Antivirus. http://www.eset.com -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. 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