U.K. authorities are investigating allegations that British banks inadvertently acted as conduits for money laundering linked to corruption in South Africa.
British Treasury chief Philip Hammond passed on allegations raised in a letter by former Cabinet Minister Peter Hain to the Financial Conduct Authority, the National Crime Agency and the Serious Fraud Office.
Hain raised concerns in a letter to Hammond that banks, including HSBC and Standard Chartered, may have been linked to laundered money.
The allegations center on South Africa's President Jacob Zuma and a wealthy business family, the Guptas.
HSBC declined to comment.
Standard Chartered declined...