Federal Bureau of Investigation probing Guptas over cash flows

20 October, 2017, 00:56 | Author: Gary Shelton
  • Lord Hain who was brought up in South Africa thanked Philip Hammond for ordering the claims to be examined

Lord Hain told the Press Association: "I have written to the Chancellor asking for British authorities to investigate British financial institutions that may have been used as conduits for money laundering".

They have been widely criticised for what is seen as their manipulation of the South African president Jacob Zuma in connection with their business dealings there.

He claimed South African whistleblowers told him HSBC and Standard Chartered, together with India's Baroda Bank, "must have been conduits for the corrupt proceeds of money stolen from their taxpayers and laundered through Dubai and Hong Kong".

Meanwhile, UK authorities are also shining a spotlight on the Guptas' business activities and financial flows as the Serious Fraud Office is set to look into HSBC and Standard Chartered's exposure to the Guptas.

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Both the Guptas and Mr Zuma have strongly denied the allegations, claiming they are part of a "politically motivated witch-hunt". They are the nephews of Atul and Ajay Gupta.

(Bloomberg) - The U.K. has asked financial enforcement agencies to probe possible ties between HSBC Holdings Plc and Standard Chartered Plc to South Africa's Gupta family, the Financial Times reported.

The Gupta family has caused controversy over the past year as details of their alleged influence on government officials began to emerge when thousands of the family's emails were leaked to the media.

During his Lords statement, the peer asked what steps the government was taking to prevent money laundering through United Kingdom banks.

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Lord Peter Hain, whose letter to the Chancellor brought the incident to light, is expected to raise the matter in the House of Lords today.

A spokeswoman for the Financial Conduct Authority said: "The FCA is already in contact with both banks named and will consider carefully further responses received".

"We are taking this very seriously because we realise the consequences of not doing so for the reputation of the City of London and the UK", said the UK Minister of State for the Department for International Development, Lord Bates.

He pointed to court filings by South African finance minister Pravin Gordhan about 6.8bn ZAR (£380m) in transactions involving the Guptas that were reported to South African anti-money laundering regulators.

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