While banks reported 72 suspicious transactions to the Financial Intelligence Centre (FIC) before closing accounts associated with the controversial Gupta family and their business entities, the Reserve Bank appears to have picked up one payment only. Annexures provided as part of Finance Minister Pravin Gordhan’s explosive court application on Friday showed multiple "suspicious" transactions worth R6.8bn — conducted by members of the family and business entities including the unlisted Oakbay Investments, listed vehicle Oakbay Resources and Energy, and television channel Africa News Network — were reported to the FIC. "The FIC is unable to confirm if these transactions were also reported to the bank supervision department of the South African Reserve Bank," said FIC spokesman Panna Kassan. "Save to say SA’s antimoney laundering and counter [terrorism-financing] regime does not require reporters to file dual reports." The FIC was created to combat activities related to money launderi...
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