GUPTAGATE
How the net is closing in on Bank of Baroda unit
The noose is tightening around the Bank of Baroda’s Johannesburg branch as the Reserve Bank finalises an inspection of its money-laundering controls after the Asset Forfeiture Unit obtained a preservation order freezing more than R110m held at the bank. The Bank of Baroda is already flirting with a shutdown of its operations as further breaches of the Financial Intelligence Centre Act (Fica), which is aimed at combating money laundering, come to light. "The inspection of the Bank of Baroda Johannesburg Branch in terms of Fica has become a matter of public record through a recent court case," said Kuben Naidoo, deputy governor of the Reserve Bank, who heads its bank supervision department. "On that basis, we can confirm that the outcome of the inspection conducted at Bank of Baroda Johannesburg to assess its compliance with the Fica has not yet been finalised." Manoj Kumar Jha, acting CEO of the Bank of Baroda in SA, did not respond to repeated requests for comment. Kumar Jha referre...
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