Barclays in South Africa currency probe

BARCLAYS has been reported to the Serious Fraud Office (SFO) over allegations connected to breaches of South Africa’s foreign-exchange controls.

A dossier outlining the claims was delivered to the SFO on Friday. The documents allege that the sums involved could exceed £100m.

South Africa has strict limits governing the amount of currency its citizens can move out of the country every year. The allegations relate to Barclays and its South African subsidiary Absa, and date mostly from 2001 to 2004.

Barclays strenuously denies the claims. A spokesman for the SFO declined to comment.

Barclays said: “We have an extensive file of correspondence concerning these allegations. A number of allegations have been made against Absa and Barclays, but, to date, the evidence supplied has either been insubstantial, irrelevant – or no evidence has been supplied at all.

“Based on the current evidence provided, Absa has conducted a full and thorough investigation and we are satisfied that there is no merit in the allegations.

“If there is any new evidence to support these allegations, we request that we are supplied with this and we will investigate thoroughly.”

South Africa has been steadily relaxing its foreign-currency controls since 1997, yet individuals are only permitted to take out 2m rand a year – worth about £134,000.

Source: Barclays in South Africa currency probe The Times