Rahman Ravelli
Rahman Ravelli Logo
 

/ News / UK PEER CALLS FOR INVESTIGATION INTO HSBC’S POSSIBLE ROLE IN SOUTH AFRICAN CORRUPTION

UK PEER CALLS FOR INVESTIGATION INTO HSBC’S POSSIBLE ROLE IN SOUTH AFRICAN CORRUPTION

HSBC should be investigated for "possible criminal complicity" over corruption allegations in South Africa, according to a UK peer.

Lord Peter Hain told Parliament he had asked the Treasury to refer an unnamed UK bank for investigation into possible involvement in money laundering. He has since named HSBC and said it ignored a warning about large transfers of cash.

The controversy relates to allegations that the wealthy Gupta family bought influence from South African President Jacob Zuma in order to obtain control of state-owned companies. .

Regulators are already looking into HSBC and Standard Chartered's roles in South Africa following a separate letter from Lord Hain.

When asked about the issue, HSBC's chief executive, Stuart Gulliver, said the bank was co-operating with the government.

Mr Gulliver said: "We are responding to those inquiries that have come in from the Financial Conduct Authority and also from South African authorities, and there is nothing more I can really add at this point in time."

Money laundering is working its way higher up the authorities’ list of priorities in many countries – not just South Africa, Any company doing any kind of business anywhere in the world must make sure it has measures in place to flag up concerns about money laundering – and must act on those concerns.

Read our article: THE NEED TO PREVENT MONEY LAUNDERING – EVERYWHERE

UK Peer Calls for Investigation into Hsbc’s Possible Role in South African Corruption

Rahman Ravelli

Serious Fraud, Regulatory and Complex Crime Lawyers

enquiries@rahmanravelli.co.uk Online Form
+44 (0)203 947 1539 -

Share this article on