The amendment to the Financial Transaction Reporting Act has nothing to do with political party donation – AG

Attorney General Aiyaz Sayed-Khaiyum says the amendment to the Financial Transaction Reporting Act has nothing to do with political party donations however SODELPA Leader Viliama Gavoka claims this amendment will discourage funding for political parties from overseas.

While debating on the amendment in parliament today, Sayed-Khaiyum says there is a separate law in relation to political party donations.

He says everything is a conspiracy for the opposition.

However Gavoka says SODELPA rely on overseas funding.

He adds it will create doubt in the minds of the people overseas.

The Bill to amend the Financial Transaction Reporting Act to reduce the transaction reporting by financial institutions from $10,000 to $5,000 has been passed in parliament.

The amendment will require financial institutions such as commercial banks report all transactions of $5,000 and above to the Financial Intelligence Unit and also require other financial institutions such as non-banks to report only cash transactions of $5,000 and above to the FIU.