On 25 October, the Daily Maverick published Part 1 of a report, saying that over the past decade South African banks have been fair game for a group of alleged money launderers tied to luminaries in the gold and tobacco sectors.  The cash flow was enough to transform a small bank’s balance sheet overnight, yet no one raised the alarm.  The article asks why it was so easy and where was the Reserve Bank?  The article claims that the “shape shifting” involved opening accounts for the same players in different guises after they had been previously rejected.  It says that the AmaBhungane Centre for Investigative Journalism has pulled on this and many other threads to piece together a picture of the alleged money laundering operations that seemingly revolve around Baker and his associates in the tobacco and gold businesses.  The newspaper says that it will share what was found in Part 2.



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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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