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South Africa’s Regulatory Body Quiet on Alleged Illicit Flows

The South African Reserve Bank (SARB) has remained tight-lipped amid serious allegations that three of the country’s major banks, including Standard Bank, allegedly helped a gold smuggling gang launder millions of dollars in exchange for bribes in Zimbabwe, a Standard Bank employee has been suspended following the exposé. International news network Al Jazeera earlier this year exposed how a Standard Bank employee was allegedly central in helping a gold smuggling gang launder “dirty cash” in exchange for regular bribes. The officers at the three banks were alleged to be on the payroll of a money launderer working for a cigarette magnate and smuggler, and would “enable dubious money transfers and remove evidence from the computer systems, all while getting monthly payments”, according to Al Jazeera. Asked what action has been taken against Standard Bank amid the serious allegations, the Reserve Bank spokesperson Thoraya Pandy would only say: “The SARB does not comment on our supervisory relationships with the entities that we regulate.”

IOL