Treasury drops looting bomb

[Sideshow Bob]

https://www.news24.com/SouthAfrica/News/treasury-drops-looting-bomb-20180729-4

Singh's bling

The draft report found that Singh received six suspicious deposits totalling R16 million into his bank account in a single month: July 2016, when he was Eskom CFO. Among the payments was one of R9 million and another of R5 million – both described as telephone banking transfers.

“It is not clear how Singh accumulated [a] balance of R19 million that was in his account. It is also not clear why he transferred R16 million on July 14 2016 into two other accounts,” the report states.

“The amounts in Singh’s accounts will form part of the information we will hand over to the head of the Directorate for Priority Crime Investigation [DPCI] for further investigations. The DPCI will have to investigate whether some of these amounts may have been paid [to attorneys] for services rendered or procurement of valuable assets. They will need to further investigate what are the sources of money that accumulated to a bank balance of R19 million.”

 

[Sideshow Bob]

Where is eyebrows?

 

[TheChamp]

And somehow SARS never found anything odd?

 

[TheChamp]

Where is eyebrows?

Still applying his mind, Zuma taught him well.

 

[Sinbad]

And somehow SARS never found anything odd?

Sars was fully captured.

 

[R13...]

And somehow SARS never found anything odd?

Makwakwa was gatekeeping why would they? I'm sure all the Gupta stooges' tax affairs were handled by his VIP taxpayer unit.

 

[TheChamp]

Sars was fully captured.

Makwakwa was gatekeeping why would they? I'm sure all the Gupta stooges' tax affairs were handled by his VIP taxpayer unit.

Eish, true.

 

[Sideshow Bob]

And somehow SARS never found anything odd?

What I find very suspicious that Singh's bank never reported any such transactions to SARS. Even if I am in IT sector, we frequently have to pass different courses for the financial bank we indirectly report to. I distinctly remember having read that banks have fiduciary duty to report any suspicious or unusual transactions.

In fact, I personally have received calls/sms couple of times from the banks when I tried to do my "first" transaction on trip to overseas. Sms is vaguely something like "...Please reply YES to confirm if you did such and such transaction within next X minutes....or...."

If banks are so cautious about paltry sums of couple of thousand rands, how come R16 million a month was missed?

 

[TheChamp]

What I find very suspicious that Singh's bank never reported any such transactions to SARS. Even if I am in IT sector, we frequently have to pass different courses for the financial bank we indirectly report to. I distinctly remember having read that banks have fiduciary duty to report any suspicious or unusual transactions.

In fact, I personally have received calls/sms couple of times from the banks when I tried to do my "first" transaction on trip to overseas. Sms is vaguely something like "...Please reply YES to confirm if you did such and such transaction within next X minutes....or...."

If banks are so cautious about paltry sums of couple of thousand rands, how come R16 million a month was missed?

Too many questions...

 

[Sideshow Bob]

Makwakwa was gatekeeping why would they? I'm sure all the Gupta stooges' tax affairs were handled by his VIP taxpayer unit.

Aha - That would be at SARS side. There has to be someone/many on Singh's bank side as well. This rot goes deeper than SARS.

 

[Drifter]

Every transaction over R10 000 gets reported to SARS.

 

[genetic]

Eskom collapsing one corrupt person at a time...

 

[R13...]

Aha - That would be at SARS side. There has to be someone/many on Singh's bank side as well. This rot goes deeper than SARS.

Yes, his bank should have reported it to FIC.

 

[stroller]

Every transaction over R10 000 gets reported to SARS.

The prescribed limit will be R24 999, 99. Accountable and reporting institutions have to report
all cash transactions above R24 999, 99.

Cash does not include negotiable instruments as defined in the FIC Act. Cash also does not
include a transfer of funds by means of bank cheque, bank draft, electronic funds transfer, wire
transfer or other written order that does not involve the physical transfer of cash, and these
methods of transferring funds will not be covered by the CTR obligation under section 28 of the
FIC Ac

https://www.fsb.co.za/Departments/f.../Frequently asked questions - FIC Session.pdf

 

[zippy]

Yes, his bank should have reported it to FIC.

I’m sure it was reported to all the relevant authorities and taken up by the relevant “VIP” dept

 

[yebocan]

And somehow SARS never found anything odd?

...answer : Tom Moyane

 

[grok]

Aha - That would be at SARS side. There has to be someone/many on Singh's bank side as well. This rot goes deeper than SARS.

When all checks both sides fail that shows you exactly how much of a culture corruption has become, or always was but is now exposed.

Every pig up & down the food chain has its snout in the trough gobbling up the spoils..

One should get Treasury on the line to answer some difficult questions, but that won't happen either when practically the whole of .gov is corrupt.

 

[Vrotappel]

What I find very suspicious that Singh's bank never reported any such transactions to SARS. Even if I am in IT sector, we frequently have to pass different courses for the financial bank we indirectly report to. I distinctly remember having read that banks have fiduciary duty to report any suspicious or unusual transactions.

In fact, I personally have received calls/sms couple of times from the banks when I tried to do my "first" transaction on trip to overseas. Sms is vaguely something like "...Please reply YES to confirm if you did such and such transaction within next X minutes....or...."

If banks are so cautious about paltry sums of couple of thousand rands, how come R16 million a month was missed?

It would have been reported to SARS.

What you must ask is what did SARS do with this information? Remember that SARS cannot put information like this in the public domain, it is bound by secrecy provisions in the TAA.

 

[Solarion]

Every transaction over R10 000 gets reported to SARS.

It gets reported to the FIC instantly via a service running on a banks database.

And you can't bluff it by splitting the transactions up over accounts. It sees all.

And if it looks suspicious, your details are then escalated to the UNODC for further investigation.

 

[Vrotappel]

This is what must be reported to SARS annually by the banks for each account broken down per month:

March Credits
Rand value of gross accounting credits / inflow into account during the month of March. (including cents)
C
 Mandatory if the Account Start-Date is before the end of that month. E.g. if the Start-Date is on the 31st of the month then that field for that month is mandatory
 Mandatory if the period start date is within this month
 Mandatory if the period end date is within this range
N
VAR
 0:0 - No condition met
 4:18 – Condition met
 If 1.00 or greater, no leading zeros allowed. If <1.00, there must be 1 zero before the decimal
 Must be greater than or equal to 0.00 and smaller than or equal to 999999999999999.99
 Must always have 2 values after the point to denote cent

The full specs document can be viewed here.