Extracts from second reading debate (Lords) of the Sanctions and Anti-Money Laundering Bill - Nov 1
Thursday, 2 November 2017 06:44
Lord Hain (Lab):...On regular visits to South Africa—most recently
last month—I have been stunned by the systemic transnational
financial crime network facilitated by an Indian-South African
family, the Guptas, and the presidential family, the Zumas. If
there had been more proactive and genuine co-operation between the
multi-jurisdictional law enforcement agencies, and within and
between the banks, which have been moving money for the Gupta/Zuma
laundering network, the devastation...Request free trial
(Lab):...On regular visits
to South Africa—most recently last month—I have been stunned by the
systemic transnational financial crime network facilitated by
an Indian-South African family, the Guptas,
and the presidential family, the Zumas. If there had been more
proactive and genuine co-operation between the multi-jurisdictional
law enforcement agencies, and within and between the banks, which
have been moving money for the Gupta/Zuma laundering network, the
devastation wrought on South Africa could have been significantly
reduced, and perhaps the financial institutions involved would have
been able to better mitigate their exposure...
...Step 4: once the funds were in Dubai, the Guptas engaged in a
classic laundering cycle, transforming illicit money into
ostensibly legitimate assets. In arguably the most eye-watering
example, they transferred over £2 million of the Estina dairy money
in two separate tranches through two shell companies, ultimately
consolidating it in their Standard Chartered account for another of
their UAE-based companies, called Accurate Investments. The bank
has since closed this account too. Step 5: they then transmitted
this money into an entity called Linkway Trading, banked with the
State Bank of India, back into South Africa...
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