The Party Funding Bill, which is viewed as a step that will improve transparency in the murky world of party funding, has been signed by President Cyril Ramaphosa.
In a statement on Tuesday in response to the signing, the African National Congress said it welcomed the 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," the statement reads.
"We are encouraged that this law is a practical expression of the ANC’s unwavering commitment to the constitutional values of fairness, equity, accountability and transparency. 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 Presidency did not release a statement and Ramaphosa's spokesperson could not be reached for comment.
Ramaphosa is currently at the World Economic Forum in Davos, Switzerland.