Labour Lord Peter Hain, during a UK parliamentary debate this week on the Committee Stage of the Money Laundering Bill, revealed that the Financial Conduct Authorities had made contact with South African whistleblowers with regard to the implication of HSBC in money laundering for the Gupta family. Hain also warned banks that they should not threaten South African whistleblowers who had provided authorities with evidence. By MARIANNE THAMM.
Hain has now placed on record that South African whisteblowers had been contacted by the UK Financial Conduct Authority with regard to allegations of money laundering by the Gupta family through British domiciled banks and financial institutions.
Hain added his name in support of the amendments to the Bill which presses for greater safeguards and extra parliamentary scrutiny of banks.
He said that banks and London had "an appalling record on money laundering - it gives me no great pleasure to say that".
He added that the UK might pride itself on having "one of the best centres of finance in the world, and it is a tremendous source of employment, which is important. However, there is a record of money laundering that simply requires extra parliamentary scrutiny, which is why this...