EDITORIAL: Gordhan case a crucial test
The sanctity of contracts between banks and clients is at the heart of the matter
If nothing else, Finance Minister Pravin Gordhan’s application to the courts for an order that would make it clear that neither he nor any of SA’s financial regulators can intervene in disputes such as the one between the Guptas and the banks should provide us with a thorough education on the rules in question. The affidavits submitted to the court by the regulators and some of the banks provide a comprehensive overview of the legislation that governs the supervision of SA’s banking system and the combating of money laundering and terror financing, as well as the international institutions and conventions to which SA belongs. They also provide sometimes painfully and bizarrely amusing moments. In his affidavit, Reserve Bank deputy governor and registrar of banks Kuben Naidoo points to the irony of President Jacob Zuma’s November refusal to sign into law the Financial Intelligence Centre Amendment Bill on the grounds that one of its sections allows for warrantless searches by inspect...
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