Hain’s asked Britain’s  finance minister Philip Hammond to refer an unidentified UK bank to regulators for an investigation into possible involvement in alleged money laundering involving the Gupta family.

Lord Hain has not named the bank he’s targetted.

However the Financial Times says it’s HSBC.

The newspaper cites one person who has seen a letter Hain sent separately to the Treasury and the Financial Conduct Authority.

Hain says he hand-delivered documents to Chancellor of the Exchequer Philip Hammond that  showed the participation of an unidentified British bank in illegal transfers of funds from South Africa made by the Gupta family over the last few years.

He warns companies doing businesses with the Guptas and President  Jacob Zuma, who’s involved with them, that they will face similar probes.

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South African-born Hain says the banks may inadvertently have been conduits for laundered money.

Lord Hain tells the House of Lords that up to £400m of illicit funds may have been moved by HSBC and Standard Chartered.

He says he’s  concerned about links between President Jacob Zuma and the Guptas.

The peer has written to the Chancellor Philip Hammond, telling him a whistle-blower has indicated the banks may inadvertently have been conduits for the corrupt proceeds of money.

His letter names 27 people and companies.

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