SABC News.com - Govt to increase penalties for financial misconduct:Wednesday 26 October 2011

Govt to increase penalties for financial misconduct

Wednesday 26 October 2011 14:12

SABC

Minister of Finance Pravin Gordhan tabled his mid-term budget in Parliament yesterday.

Minister of Finance Pravin Gordhan tabled his mid-term budget in Parliament yesterday.(SABC)

Minister of Finance Pravin Gordhan has told a Parliamentary hearing that government is exploring new ways to punish public office bearers who flout finance management regulations.

This comes just a day after Gordhan tabled his mid-term budget in Parliament where he warned Government to tighten its belt. Gordhan also warned that they are looking at bringing changes to the Public Finance Management Act (PFMA) to increase penalties for financial misconduct and negligence.

"We're certainly looking at amendments to the PFMA which would lay greater accountability at the door of officials and politicians who might make some of these decisions. And where some of these things reach gross levels we need greater sanctions than we might have at the moment."

In his speech yesterday, Gordhan said South Africa must learn to do more with less in the face of sluggish global growth. This means spending wiser and cutting down on extravagant and wasteful expenditure.

 

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