South Africa’s central bank governor defended the bank’s inconclusive findings of a yearlong investigation into whether President Cyril Ramaphosa broke the law when he kept foreign currency at his game farm that was later stolen.
The central bank’s investigators acted impartially and with integrity, Lesetja Kganyago said in Cape Town on Wednesday. He was responding to lawmakers who labeled as a “whitewash” the bank’s findings last week that the transaction between Ramaphosa and a Sudanese businessman for 20 buffaloes was not “perfected,” and thus it couldn’t conclude there was any contravention of the Exchange Control Regulations.
The Paris-based Financial Action Task Force put South Africa on its so-called gray list in February because of shortcomings in tackling illicit financial flows.“Let me be clear here that we do not believe that what we have done has got implications for money laundering,” Kganyago said. “It might have, but we dealt with the interpretation of the law with respect to the exchange controls.”
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