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HSBC fined over poor money laundering controls in South Africa

South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More

South African finance minister resigns after graft testimony

AP — South Africa’s finance minister resigned on Tuesday after acknowledging missteps during the scandal-tainted tenure of former president Jacob Zuma. The resignation of Nhlanhla Nene was announced by President Cyril Ramaphosa, who has pledged to clean up corruption and revive South Africa’s economy, which is… Read More
12th November 2018
South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More
10th October 2018
AP — South Africa’s finance minister resigned on Tuesday after acknowledging missteps during the scandal-tainted tenure of former president Jacob Zuma. The resignation of Nhlanhla Nene was announced by President Cyril Ramaphosa, who has pledged to clean up corruption and revive South Africa’s economy, which is… Read More
28th September 2018
South Africa has signed an extradition treaty with the United Arab Emirates, the justice minister said on Thursday, raising the prospect of the Gupta brothers, friends of former president Jacob Zuma, returning to face corruption charges. The Indian-born brothers – Ajay, Atul and Rajesh – have been accused of using… Read More
17th September 2018
AP – South African soccer head Danny Jordaan has been cleared in an ethics check to stand for election to the FIFA Council three years after he was linked to alleged bribery. The Confederation of African Football said in an internal memo seen by The Associated Press on Thursday… Read More
27th August 2018
Former South African deputy finance minister Mcebisi Jonas told an inquiry that business friends of ex-president Jacob Zuma threatened to kill him if he spoke about a meeting at which they offered him money and the post of finance minister. The public inquiry, which started on Monday and is being… Read More
15th August 2018
South Africa will probe allegations that state attorneys defrauded government of billions of dollars by deliberately losing cases, the justice minister said on Tuesday, the latest crackdown on corruption under President Cyril Ramaphosa. Ramaphosa, who replaced former president Jacob Zuma in February, has made the fight against corruption a key… Read More
30th July 2018
South Africa’s former president Jacob Zuma said on Friday his lawyers had faith they would get the case against him dropped after making his third appearance in court on corruption charges relating to a $2.5 billion arms deal. Zuma, who wore a dark suit and red tie, faces 16 charges… Read More
9th July 2018
Duduzane Zuma, the son of scandal-plagued former South African president Jacob Zuma, will face charges relating to allegations of corruption, his lawyer said on Sunday. Duduzane Zuma was returning to South Africa to attend his brother’s funeral when he was detained briefly at Johannesburg’s main airport on Friday in relation… Read More
11th June 2018
An elite South Africa police unit raided offices of India’s Bank of Baroda (BOB.NS) on Friday and seized documents as part of an investigation into state corruption under former president Jacob Zuma, a police spokesman said. Bank of Baroda, which is winding down its operations in South Africa, was thrust… Read More
29th May 2018
A South African court ordered 250 million rand ($20 million) in assets belonging to former president Jacob Zuma’s allies the Gupta brothers be unfrozen, the EWN news network and other local media reported. The Guptas, who are Indian nationals, and Zuma have denied any wrongdoing in a series of scandals… Read More
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Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More