Lawmaker calls for probe of UK bank's ties in S. African money laundering case

By REUTERS
November 2, 2017 01:26
1 minute read.
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British lawmaker Peter Hain said on Wednesday he has asked finance minister Philip Hammond to refer an unidentified UK bank to regulators for an investigation into possible involvement in alleged money laundering involving South Africa's Gupta family.

Hain had hand delivered documents to Hammond on Tuesday that he said showed participation of an unidentified British bank in illegal transfers of funds from South Africa made by the Gupta family over the last few years.

The Guptas, a family of Indian-born businessmen in South Africa, are under scrutiny for their close ties to South African President Jacob Zuma and have been accused of unduly influencing the awarding of state tenders. The family has denied any wrongdoing and no charges have been filed.

"(I) named the British bank concerned and asked that he (Hammond) again refer these to the Serious Fraud Office, the National Crimes Agency, and the Financial Conduct Authority (FCA) for investigation", Hain said in the House of Lords, according to a video on British parliament's website.

The unidentified bank is HSBC Holdings Plc, the Financial Times reported, citing one person who has seen a letter Hain separately sent to the Treasury and the FCA.

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