HSBC has been accused of “possible criminal complicity” in a money laundering scandal involving South Africa’s wealthy Gupta family. The Gupta corruption scandal began when the Indian-born family was accused of allegedly using its vast wealth to wield influence over South Africa’s president, Jacob Zuma. Hain told the Lords he had obtained information that “shows illegal transfers of funds from South Africa made by the Gupta family over the last few years from their South African accounts to accounts held in Dubai and Hong Kong”. Standard Chartered has since said that it closed bank accounts in 2014 because of concerns about potential links to the scandal. In the Lords, Hain called on the chancellor to “ensure that such evident money laundering and illegality is not tolerated and that the bank is investigated for a possible criminal complicity over this matter.

Source: The Guardian November 01, 2017 17:16 UTC