The decision by Finance Minister Pravin Gordhan to approach a court for a declaration that he was not permitted to intervene in the relationship between various Gupta-owned companies and the banks was surely a tactical move aimed at uncovering some of the financial dealings of the Guptas and the companies they own. The move provides the banks with the legal justification to break their client confidentiality and places pressure on the Guptas and the firms owned by them to explain 72 transactions – which the banks flagged as suspicious – to the appropriate court.

The Financial Intelligence Centre Act (FICA) is a complicated piece of legislation adopted in 2001 to combat money laundering and the financing of terrorist and related activities. (more…)


Quote of the week

These restrictive laws and practices, all invoked by Republicans, have the purpose and effect of reducing turnout disproportionately among racial minorities and the young, populations that are more likely to vote for Democrats. The Republican Party is evidently worried that the growing numbers of nonwhite citizens in the US are unlikely to vote for their candidates, a concern deepened by the campaign of Donald Trump. Instead of modifying their policies to address the interests of new voters, however, the Republicans have sought to suppress those votes. The strategy, profoundly antidemocratic in the small ā€œdā€ sense, can swing elections in the short term. But in the long term, it will not only damage American democracy but will be self-defeating for the GOP.

David Cole
The New York Review of Books
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