#PanamaPapers: SA’s wealthiest to be checked?

Pravin Gordhan has noted reports on the clients of a Panamanian legal firm - and certain South Africans who might be linked to offshore bank accounts.

Johannesburg - Finance Minister Pravin Gordhan said yesterday that he had noted reports on the clients of a Panamanian legal firm and certain South Africans who might be linked to offshore bank accounts.

Governments around the world yesterday tried to contain the fallout after 11.5 million documents from a Panamanian law firm were leaked, which point to some of the world’s wealthiest people, including South Africans.

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He said the SA Revenue Service, the Financial Intelligence Centre and Reserve Bank always investigated such reports to ensure that those who had such links had complied with the law.

“There are many transactions (every day) between South Africans and the rest of the world, and holding funds in an offshore bank is by itself not illegal, as long as the necessary approvals and disclosures have been made to the relevant authorities,” he said.

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