Lord Hain: Banks aided Guptas and others in smuggling looted funds

Lord Hain: Banks aided Guptas and others in smuggling looted funds

- Lord Peter Hain is adamant that banks allowed money to be smuggled out of South Africa

- The member of Britain's House of Lords put forward that banks have the power to trace and aid in the recovery of looted funds

- The likes of the Guptas were aided in their allegedly criminal activities by these institutions, according to Hain

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Lord Peter Hain testified recently on the international aspects of state capture in South Africa.

The British House of Lords member has put forward his recommendations he feels can help the government curb corruption within its ranks, Briefly.co.za gathered.

The world's banks came under scrutiny from the Kenyan-born politician, who is adamant that looted funding can be traced and even retrieved if the entities come on board:

"This money left the country through the banks, it didn't go through brown envelopes, it left a digital footprint and it can be traced. There is a trail of complicity that includes the banks, corporate and lawyers who advised the Guptas on how to create front companies so that their true identities were hidden."

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Hain told 702 that every day that passes by is an opportunity for people like the Guptas to hide the stolen funds from asset recovery specialists.

The politician told the State Capture Inquiry that, while SA has adequate laws, it lacks enforcement:

"I recommend the proper utilisation of existing legislation. SA does have good legislation, nevertheless, we have this whole picture of rampant criminality and state capture so it needs to be properly enforced."

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Source: Briefly.co.za

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