https://www.news24.com/news24/southafrica/news/see-joburgs-infrastructure-crumbles-as-jozi-vs-jozi-calls-for-national-intervention-20241016

https://www.news24.com/fin24/economy/eskom-municipal-debt-deal-flops-as-municipalities-renege-on-commitments-20241015

https://www.dailymaverick.co.za/article/2024-10-13-public-works-is-on-a-mission-to-reclaim-its-hijacked-buildings/

https://www.news24.com/citypress/news/sa-soldiers-turning-drc-deployment-into-sex-holiday-20241013?utm_source=dlvr.it&utm_medium=twitter

https://www.news24.com/news24/southafrica/news/seven-sa-universities-including-uct-slip-in-global-rankings-20241008

Looks like it's the start of bailout season in South Africa.

https://mybroadband.co.za/news/broadcasting/564266-sabc-blackout-lifeline.html

https://www.news24.com/fin24/tech/govt-looks-set-to-change-bee-rules-that-may-be-keeping-starlink-out-of-sa-20241007

Banks in South Africa are breaking the law if they provide banking services to illegal operations. The commercial and retail banking sector is primarily operated by the Banks Act. The Conduct Standards for Banks, introduced by the FSCA, allows for supervision of market conduct in the banking sector. Criminals exploit banks and other businesses for money laundering and to finance terrorism.

One example is the BP petrol station on Rondebult Road in Boksburg, which receives banking services from Standard Bank @StandardBankZA . This petrol station has been shown to operate unlawfully, on numerous occasions, and by providing banking services to this business, Standard Bank is facilitating a criminal activity.

The Financial Action Task Force has placed South Africa on a list of countries under increased monitoring, commonly known as the grey list, after it failed to address all of the shortcomings on money laundering and the financing of terrorism, that the task force identified in its 2019 evaluation of the country. The decision has serious implications for the country, more specifically its financial services sector as well as its ability to attract investment.

Although I doubt the petrol station is a sophisticated front for funding terrorist activities, the fact that Standard Bank never acts on the information provided in terms of businesses that operate unlawfully, does not bode well for when they are faced with a business that does fund terrorism.

The second law that all banks increasingly violate is Section 129 of the National Credit Act (NCA) 2005. This section outlines the steps that must be taken when a consumer defaults on a credit agreement.

Credit providers are required to send a written notice to the consumer, informing them of the default and the options for resolution. However, all banks, including the unscrupulous First National Bank @FNB, use registered letters sent via the South African Post Office, which has essentially gone bankrupt and no longer provides a reliable service.

While you are notified through registered mail, it often happens that these notices are not delivered. Furthermore, only the intended recipient can collect the notice, and they must present identification to do so.

In terms of the legislation the banks are supposed to send out two notices, which in many cases, they do not bother to do either.

Essentially, banks are seizing both movable and immovable property from unsuspecting clients by exploiting loopholes in the legislation, thereby prejudicing these clients.

Banks in South Africa operate with impunity, exploiting the fact that many people lack legal awareness and cannot afford expensive legal services.

BANKS BREAKING THE LAW - Part One

It may be a little-known fact that the four major banks in South Africa frequently break laws to serve their own interests. In a series of articles, I will expose both the significant and lesser-known ways these banks sidestep or outright disregard the law whenever it suits them.

Let’s start with Standard Bank, and then we’ll move onto First National Bank and after that ABSA.

https://x.com/Nicole_Barlow1?t=ejqkv27N42F9lB-KUfulWQ&s=09