South Sudan Threatens Banks Over Capital Flight
South Sudan's government has threatened to crack down on commercial banks accused of facilitating illicit capital flight.
"From today, with this system, we expect the banks to be fully compliant,"
Cabinet Affairs Minister Martin Elia Lomuro stated that the new national payments system will be used to enforce compliance with financial laws. He alleged that large sums of money are being illegally moved out of the country, often with the complicity of lenders.
- The central bank launched a real-time payment and settlement system to monitor transactions.
- The government accuses banks of facilitating illicit capital flight, with vast sums of money being moved out of the country.
Author's summary: South Sudan cracks down on banks over capital flight.