Peter Hain to tell StateCaptureInquiry how global banks enabled state capture under Zuma's watch
Hain's submission on Monday to the Judicial Commission of Inquiry into State Capture, part of which he shared with Reuters in advance, will be"very critical of global corporates, especially banks, and states including the UK, Dubai, Hong Kong and India," he wrote in an email.
Part of its brief is to investigate accusations that three prominent businessmen - brothers Atul, Ajay and Rajesh Gupta — influenced Zuma over political appointments and state contracts. His submission will say that a number of international banks helped the Guptas cloak the source of their funds - by allowing them to open and maintain bank accounts, even after allegations of their involvement in corruption became public, and also by allowing them to transfer illicit funds into these accounts.
Among his recommendations will be to improve transparency around the beneficial owners of companies. He will also propose better programmes for auditing the due diligence conducted by banks to ensure that they are complying with anti-money laundering laws, and stiffer penalties for individuals and organisations that fail to do so.
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