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Fallout of corruption in South Africa worries U.K. government

Jaclyn Jaeger | October 31, 2017

The House of Lords, the U.K. Parliament’s upper chamber, debated this month what action the U.K. government is taking to prevent money laundering through British banks by families and businesspeople linked to the government of South Africa.

The debate comes amid concerns that many British banks have become embroiled in allegations of widespread corruption concerning the Gupta family in South Africa, who have close personal ties to President Jacob Zuma and his family.

Recently introduced money-laundering regulations set out strict rules that British banks must follow when doing business with those linked to public functions that may expose them to corruption risk. “We are concerned about the allegations in South Africa, and the British high commission is monitoring the issue closely,” said Lord Bates, U.K. Minister of State for the Department for...

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