19 Oct 2017
UK banks may have been used to launder money stolen from South Africa, a former cabinet minister has alleged in a letter to Chancellor Philip Hammond.
Lord Peter Hain said a South African whistle-blower had indicated the banks “maybe inadvertently have been conduits for the corrupt proceeds of money”.
The Treasury said it had sent his letter to financial regulator the Financial Conduct Authority (FCA).
“We take allegations of financial misconduct very seriously, and have passed Lord Hain’s letter on to the Financial Conduct Authority and relevant UK law enforcement agencies, including the National Crime Agency and Serious Fraud Office, to agree the right action,” a spokesperson said.
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet