Investigate our banks linked to corruption in South Africa, UK Chancellor tells financial regulators

The United Kingdom Chancellor, Phillip Hammond has asked financial regulators and the serious fraud office to review whether two United Kingdom banks are linked to the corruption scandal in South Africa.

Lord Peter Hain has also raised concerns that the banks may have been conduits for laundered money.

The Treasury said it had sent Lord Hain’s comments to the financial regulator, the financial conduit authority.

At the centre of the allegations are South Africa’s president Jacob Zuma and a wealthy business family.