Shuttleworth Judgement: DA calls for parliamentary review of exchange control

Last week's judgement in Mark Shuttleworth's case against South Africa's system of exchange control opens the door for a parliamentary review of this antiquated regime. 

I intend writing to the Chairperson of the Standing Committee on Finance, Mr Thabadiawa Alfred Mufamadi, to request that our committee urgently convenes public hearings into exchange controls with a view to amend the Currency and Exchanges Act of 1933 and to make recommendations on an overhaul of the associated regulations.

Late last week Judge Francis Legodi opened the door to such a parliamentary review by declaring various sections of the Act and its regulations "unconstitutional and invalid". In his judgement he identified that various aspects of the exchange control regime inhibit the right to free trade, impede internet transactions and infringe the right to privacy.  

Although Mr Shuttleworth did not win his case overall, he has achieved a significant victory in shedding light on the need to overhaul our exchange controls.  

Judge Legodi suspended several declarations for twelve months to correct the legislation. This is Parliament's chance to play its role as South Africa's legislating body by conducting a full review of the legislation and regulations.

Statement issued by Tim Harris MP, DA Shadow Minister of Finance, July 21 2013

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