BELOW THE SALT
‘Gold Mafia’ kingpin Mo Khan’s Salt Asset Management prevented from doing further business
The Financial Sector Conduct Authority has clamped down on yet another provider, just one day after releasing an annual regulatory report showing the strength of its clout.
Salt Asset Management’s operating licence was provisionally withdrawn by the FSCA yesterday, effectively preventing the company from conducting any further business in the financial services sector, including financial services to clients or on behalf of any financial product provider.
A statement from the Financial Sector Conduct Authority (FSCA) says the decision follows adverse findings following an FSCA site inspection between 29 November 2022 and 1 December 2022. During the inspection, the FSCA noted several contraventions of the Financial Intelligence Centre Act, in addition to previous contraventions during its ongoing supervision of Salt.
The regulator also noted that it is aware of recent media reports suggesting the potential involvement of Salt Asset Management in certain money laundering and associated activities.
“These allegations are viewed in a very serious light and are currently being considered by the FSCA,” the statement notes.
The media reports referred to include a recent “Gold Mafia” exposé by Al Jazeera, detailing the extent of money laundering scams in Zimbabwe and South Africa, which include dubious dealings by Gold Leaf Tobacco.
The Al Jazeera report fingers Mohamed Khan, also known as “Mo Dollars”, as the money laundering kingpin, working for (among others) tobacco magnate Simon Rudland of Gold Leaf Tobacco.
Khan is also the head of Salt Asset Management and the PKSA Group. BM/DM