HSBC, Standard Chartered may face United Kingdom inquiry over South Africa's Gupta family

Lord Hain who campaigned against apartheid told peers that he was horrified at how South Africa’s leadership was “betraying” the values for which he and his parents had fought

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Hain writes: "Can I thank the Chancellor for ensuring the Financial Conduct Authority, the Serious Fraud Office and the National Crime Agency investigate HSBC, Standard Chartered Banks, and also can I add Baroda Bank, each of which expert South African whistle-blowers have told me must have been conduits for the corrupt proceeds of money stolen from their taxpayers and laundered through Dubai and Hong Kong".

Following this, the Chancellor contacted the Financial Conduct Authority (FCA), Serious Fraud Office (SFO) and National Crime Agency stating that the allegations are being taken "extremely seriously".

Mr Zuma and the Guptas have always denied any wrongdoing.

The FBI investigation reportedly will focus on the nephews of Atul and Ajay Gupta - Ashish and Amol Gupta, who are American citizens.

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"The FCA is already in contact with both banks named and will consider carefully further responses received", the regulator said. HSBC said it had no comment on the matter.

He said banks including HSBC and Standard Chartered should review transactions involving individuals and companies linked to the Gupta family - entrepreneurs with businesses from coal mining to computers - and Zuma.

It's being reported that the FBI is investigating cash flows between South African Gupta-owned companies, Dubai and a company owned by Ashish and Amol in the United States. "It should not be restricted to South Africa", he told reporters.

Lord Hain, a former Northern Ireland secretary, alleged in his letter to the chancellor that the issue was "a result of the corruption and cronyism presided over by President Zuma and close allies the Guptas".

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In his initial letter to Hammond, dated September 25, Hain says it became clear to him that "this Gupta/Zuma criminal network is not localised to SA - indeed, it has been enabled by a transnational money-laundering network".

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He said he was not accusing British banks of complicity in money-laundering but wanted them to help recoup any funds that have left the country by illicit means.

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