South Africa Treasury, Banks Fear SWIFT Loss, Sowetan Says

South Africa’s National Treasury and the heads of its top banks discussed the risk the country may be cut off from SWIFT, the international payments system, if US lawmakers impose sanctions, Sowetan reported.

American lawmakers are considering a bill seeking a full review of South Africa’s relations with Washington, alleging Pretoria supports the US’ adversaries. The draft legislation, proposed by Texas Republican Ronny Jackson in April, alleges the African nation abandoned its relationship with the US to align with China, Russia, Iran and “terrorist organizations” and provides the tools necessary to censure “corrupt” officials.