The Financial Intelligence Centre should urgently review if South African banks complied with their obligation to report billions worth of suspicious state capture transactions laundered through their financial systems.
This is one of the recommendations made by Chief Justice Raymond Zondo in the last volume of the state capture report he handed to president Cyril Ramaphosa at the Union Buildings on Wednesday night.
The recommendation is on the back of a finding that the Guptas used 12 local money-laundering entities to move R8.8 billion from South Africa to overseas money laundering companies based in Hong Kong and China. Under the Financial Intelligence Centre Act (FIC Act), banks and other financial institutions have an obligation to report suspicious transactions to the FIC.
