StateCaptureInquiry | In his view, the Guptas were just the tip of the iceberg in a much bigger problem of illegal money movements across different jurisdictions.
"Its focus is to share public-private information regarding money laundering and other economic threats and it allows banks to work with law enforcement to detect money laundering threats by sharing the confidential information that banking institutions have with each other and with the regulators," said Hain.
In his view, the Guptas were just the tip of the iceberg in a much bigger problem of illegal money movements across different jurisdictions.Hain further recommended that the Reserve Bank, which audits the financial affairs of commercial banks, should do so more often. "There should be a root causes analysis and the overall score should be made publicly available. In this way, the public, business and government can be helped in reaching decisions and ensure banks live up to their ethical standards and deserve increased business."
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