The Money laundering allegations against UK banks- HSBC and Standard Chartered has come to light after UK Chancellor revealing insights. He came out asking financial regulators and the Serious Fraud Office to review banks linked with the corruption saga.
British Labour Party politician has raised concerns on the banks “inadvertently conduits. “I have written to Chancellor Philip Hammond stressing that a whistle-blower indicated the banks maybe inadvertently been in conduits for the corrupt proceeds of money”
“We take allegations of financial misconduct very seriously and have passed it on to the Financial Conduct Authority and relevant UK law enforcement agencies.”A Treasury spokesman said. National Crime Agency have also been sent the letter because Mr.Hain is expected to follow up his letter with a question in the House of Lords on Thursday hence asking for an update on the same.
Mr Peter also pointed to court filings by South African finance minister Pravin Gordhan about 6.8bn transactions involving the Guptas.
This new giant corruption scandal twist is shaking the South Africa state and damaging the reputations of some global companies. At the center of the allegations are South Africa’s President Jacob Zuma and the Guptas – South Africa’s wealthy business family. The accused duo have strongly denied those allegations citing them as “politically motivated witch-hunt”.However ,leaked emails and official investigations have fueled claims of the Guptas government influence to loot state enterprises.
The scandal has already ruined British public relations company Bell Pottinger and damaged auditors KPMG. Therefore making a move to remove their top executive team in South Africa.
Moreover, Standard Chartered has stressed that it wouldn’t be able to comment on client transactions details. In addition, they further confirmed that they had closed internal investigation accounts back in 2014.
Lord Hain, who grew up in South Africa is urging UK authorities to track the stolen money. He said that this will make sure that British financial institutions help return it to South African taxpayers.
