Thursday, 2 November 2017

HSBC 'ignored money laundering warning' about large transfers of cash in South Africa



HSBC should be investigated for "possible criminal complicity" in connection with corruption allegations in South Africa, a UK peer has said.

 
Lord Peter Hain told Parliament he had asked the Treasury to refer an unnamed UK bank for investigation into possible involvement in money laundering.


In the letter, seen by the BBC, he named HSBC and said it ignored a warning about large transfers of cash.


He cited evidence of transactions out of South Africa involving HSBC.


The controversy relates to the close relationship between the wealthy Gupta family and South African President Jacob Zuma. The Guptas are alleged to have bought influence in government in order to loot state enterprises.

Mr Zuma and the Guptas strongly deny wrongdoing and say they are victims of a "politically motivated witch-hunt".




BBC       News.