FCA to Investigate South Africa Money Laundering Case

Financial Conduct AuthorityChancellor Philip Hammond has written a letter to the Financial Conduct Authority (FCA) which is the financial regulator in the UK to look into the allegations made by the former cabinet minister Lord Peter Hein.

According to Mr Hein, he possesses information from a whistleblower in South Africa who said that banks of United Kingdom are used for money laundering in South Africa. The former cabinet minister has not explicitly mentioned the names of the bank involved in the money laundering. However, it is believed that the banks in question are HSBC Holding Plc and Standard Chartered Bank Plc.

A statesman from the Treasury Department made the following statement:

We take allegations of financial misconduct very seriously, and have passed Lord Hain’s letter on to the Financial Conduct Authority and relevant UK law enforcement agencies, including the National Crime Agency and Serious Fraud Office, to agree on the right action.

The mighty Gupta family name is embroiled in the money laundering scandal of South Africa. The family is accused of leveraging their ties with the country’s President Jacob Zuma for manipulating the state contracts in their favour. All these allegations are denied by the Gupta Family and the South Africa President, but Lord Hein want a proper investigation to be carried out. He is of the opinion that the Gupta Family have taken millions of South African Rand through Hong Kong and Dubai which is, later on, made its way to the banks in the United Kingdom. He has estimated that close to 400 million Pounds has been money laundered through the UK banks.

BBC Newsnight

The Gupta Family runs their company by the name Sahara Group that employs more than 10,000 people. The company is run by Ajay, Atul and Rahul Gupta and they are having business interests in several industries like mining, media, travel, energy and information technology.

The country of South Africa is rocked after its allegation in the mega money laundering case that involves several big global companies. In this corruption scandal, Gupta Family and President Zuma are two big names that have come forward. The recent news of UK banks involved in the scandal has brought a new twist to the entire investigation.

The money laundering case has corrupted the name and image of Bell Pottinger which is a UK based public relation company. The name of KPMG is also embroiled in this recent scandal. HSBC Bank and Standard Chartered Bank have not yet released their official statement regarding the money laundering scandal in South Africa.

Rich Archer

Rich Archer

Hi, my name is Rich Archer. I am living in London. Welcome to Binary Manual. Reach to Binary Options broker reviews and market news here.


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