Habib Bank’s UAE operation skirted rules when opening an account for the former president’s son, according to a draft report
Duduzane Zuma at the Zondo state of capture inquiry. Picture: THAPELO MOREBUDI/SUNDAY TIMES
In an earlier draft version of its inspection report, also seen by Bloomberg News, the central bank said UAE staff skirted rules when opening an account for Duduzane Zuma. Duduzane Zuma was closely associated with the Guptas and was a director of at least 11 companies that had members of the family on the board. In 2017, he complained in an open letter to then finance minister Pravin Gordhan that all his local accounts had been closed because of political pressure.
Habib Bank COO Sagheer Mufti said banks are allowed to deal with PEPs provided the right processes are followed. Habib Bank “deals with PEPs and so do all other banks”, he said. After Pakistan was put on the FATF monitoring list in June 2018, it pledged to improve observance of global controls on money laundering and counter-terrorism financing.
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