South Africa

Featured South Africa

SA flagged for weak dirty-money controls

SA has been given 18 months to improve its capacity to track and prosecute money laundering and terrorist financing or face “greylisting” by the Financial Action Task Force (FATF), the international body that develops and monitors policy to combat financial flows of organised crime and terrorism. Greylisting by the FATF… Read More

South Africa’s top court rejects’ ex-leader Zuma’s bid to overturn jail sentence

South Africa’s top court ruled on Friday that former president Jacob Zuma had failed in his bid to have his 15-month jail sentence for failing to attend a corruption inquiry overturned. The sentence was handed down after Zuma failed to testify at an inquiry probing corruption during his 9-year rule,… Read More

British American Tobacco negotiated bribe for Mugabe, new evidence suggests

Documents show British American Tobacco (BAT) was involved in negotiations to pay between $300,000 and $500,000 to Mugabe’s Zanu-PF party in 2013. The documents also reveal BAT was paying bribes in South Africa and using illegal surveillance to damage rivals. BAT says it is committed to the highest standards of… Read More
8th September 2021
The Pretoria High Court this week issued a provisional restraint order to the tune of R1.4 billion against corruption-accused former senior Eskom official France Hlakudi, businessman Hudson Kgomoeswana as well as former major Eskom contractor Tubular Construction Projects, its CEO, Tony Trindade, and his wife – freezing their assets and… Read More
6th September 2021
Central banks in Australia, Singapore, Malaysia and South Africa will conduct a cross border payments trial using different central bank digital currencies (CBDC) to assess if this allows transactions to be settled more cheaply and easily, the banks said on Thursday. Many governments and central banks around the world are… Read More
5th September 2021
South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance. In a statement issued on Friday, the FSCA stated that Binance Group, an “international company” domiciled in Seychelles, was not authorized to render financial services in the country. Read More
1st September 2021
Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd.’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation. Stanbic Bank Zimbabwe Ltd., as the local unit is known, is the latest lender to… Read More
24th August 2021
South Africa will extradite former Mozambican Finance Minister Manuel Chang to his home country to stand trial, rather than the U.S. where he also faces corruption charges. Chang was implicated in a $2 billion sovereign debt scandal and has been held in a prison outside Johannesburg since his December 2018… Read More
24th August 2021
By Brenda Smith, OCCRP, 23 August 2021 OCCRP — The course of South Africa’s Orange River is more than just a scenic marvel. By the time the waterway has swept from the country’s eastern highlands through a vast stretch of scrubland and into the Atlantic Ocean, it has… Read More
13th August 2021
South African President Cyril Ramaphosa acknowledges there was rampant state corruption while he was deputy to former president Jacob Zuma, but says he did not resign as that would have hampered his efforts to resist the rot. Ramaphosa was appearing before a judicial panel on Wednesday probing the alleged mass… Read More
10th August 2021
A South African court has again postponed a long-delayed corruption trial against jailed former President Jacob Zuma to September 9 following his hospitalisation last week for an undisclosed medical condition. Zuma, whose jailing last month for 15 months on a separate contempt of court matter led to a wave of… Read More
3rd August 2021
Riccardo Spagni, the former maintainer of the Monero (XMR) cryptocurrency, was arrested last month in Nashville, Tennessee on fraud charges tied to alleged offenses in South Africa between 2009 and 2011. Spagni was on board a private jet scheduled to fly to Los Cabos, Mexico when he was apprehended… Read More
29th July 2021
HSBC discovered a suspected money laundering network that received $4.2bn (£3bn) worth of payments, it has emerged, raising questions over whether it disclosed the information to US monitors who at the time were ensuring the bank cleaned up its act. Insiders who spoke to journalists as part of a joint… Read More