Page 23 - The Banks Article

By contrast, Iceland, has prosecuted executives of three

large banks as well as 23 other bankers. Whilst in June 2017,
the UK announced charges against Barclay's John Varley

former CEO, and three other executives.

In October 2017 the UK financial regulators and the Serious

Fraud Office announced they were to review if banks HSBC

and Standard Chartered were linked to a South Africa

corruption scandal. Lord Peter Hain told Parliament that the
banks may "inadvertently have been conduits" for up to

£400 million of laundered money siphoned out of the

country via Hong Kong and Dubai.

Lord Hain 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
saying:

"That is a major breach of FCA [Financial Conduct Authority]

practice, which I am sure you would never countenance, and is
an incitement to money laundering, which has self-evidently

occurred in this case and also been sanctioned by HSBC as part

of [the] flagrant robbery of South African taxpayers of many
millions," (16)