President Ramaphosa signs new Bill to make political party funding transparent

President Ramaphosa signs new Bill to make political party funding transparent

President Cyril Ramaphosa has signed the Party Funding Bill, which is aimed at improving transparency in the way political parties are funded. This move is a welcome one in times where the nation's trust in politicians is at an all time low.

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President Cyril Ramaphosa recently signed the Party Funding Bill, aimed at improving transparency in how political parties receive funding.

In a statement released yesterday, the ANC said it has welcomed this move:

"The ANC has consistently supported the principle of regulating funding for political parties. We view this as an important milestone in strengthening our democracy and enhancing transparency as a cornerstone of our democracy,"

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The statement goes on to say that the ANC had encourage the law as a 'practical expression' of the party's commitment to its values of fairness, equity and accountability:

"We have no doubt that this law provides the country with an opportunity to deepen our democracy and usher in a new culture of transparent funding for political parties."

The President is currently taking part in the World Economic Forum in Switzerland.

This move will surely be welcomed by My Vote Counts, and other civil organisations, who have been putting pressure on Ramaphosa to enact the Bill.

The new Bill dictates that donations exceeding R100 000 need to be declared as well as a R15 million cap for donations from an individual per year.

READ ALSO: ANC will support its members implicated in state capture until proven guilty

The Bill also prevents a party from accepting a donation that is suspected to originate from the proceeds of crime.

Section 10 of the Bill states that no person or entity may make a donation for any other purpose than for party political use and no individual may receive a donation on behalf of the party.

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Source: Briefly.co.za

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