According to leaked documents seen by The Africa Report, some of the African continent’s biggest banks are struggling to follow the rules set by financial market regulators – failings that allow crime to flourish in Southern Africa.
The Eswatini authorities suspect Standard Bank of having failed to conduct proper due diligence on a transaction by the Royal Science and Technology Park, King Mswati III’s pet project.
Ten years ago, almost to the day, the South African Reserve Bank imposed fines of $12m on the country’s four largest banks – Standard Bank, FirstRand, Barclays and Nedbank. All were accused of having inadequate controls in place to combat money laundering and the financing of terrorist groups.Swazi Secrets: Revelations of institutionalised fraud in Southern Africa
An investigation coordinated by the International Consortium of Investigative Journalists in which The Africa Report took part uncovers numerous suspicions of financial crime in Southern Africa.Lawmakers, ministers, High Court judges, members of the royal family … In Eswatini, one of the countries cited in an important leak of official documents seen by The Africa Report, banks suspect leading figures of being corrupt.
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