International banks should bear responsibility for state capture - Hain

JOHANNESBURG - Former British politician Lord Peter Hain on Monday testified at the Zondo Commission that international banks that had granted looters access to global networks to launder money were also to blame for state capture in South Africa.

He insisted that the corporates he referred to as international actors helped corrupt individuals in South Africa create complex structures to disguise the true ownership of funds. “For international banks to claim they have no responsibility is frankly disingenuous and they should be held accountable for the consequences of accounts which have money that is smuggled,” he said. “The banks concerned did not stop it and they are culpable, in my view, to state capture, the corruption and looting.”

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