Greenleaf Property Developers

A number of loopholes in the anti-money laundering law are to be closed in a new amendment bill approved by Cabinet for tabling in Parliament.

The Financial Intelligence Centre Amendment (Fica) Bill is expected to be introduced in Parliament on May 12, after MPs return from their autumn recess.

According to the Cabinet spokesman, Themba Maseko, the new Bill will tackle a gaping hole that has opened up in the legislation which allows large sums of money invested in residential property via estate agents to go unreported.

Cabinet has also approved an Air Services Licensing Amendment Bill, which will also be presented to Parliament in May. The Cabinet is expected to receive two other aviation laws next month, the Civil Aviation Offences Amendment Bill, and the Civil Aviation Bill. - Michael Hamlyn, I-Net Bridge