Businessman Vusimuzi “Cat” Matlala has ignited a firestorm in both political and financial sectors after publicly accusing First National Bank (FNB) of facilitating money laundering. The explosive allegations came during his testimony before Parliament’s ad hoc committee on police corruption on 27 November 2025, where he detailed what he described as a “criminally negligent” cash transaction that he believes directly enabled the payment of a bribe to former police minister Bheki Cele.
Matlala told the committee that in 2011 his sister withdrew R300,000 in cash from an FNB branch in Pretoria, allegedly acting on his instruction. He claims this withdrawal formed part of a larger scheme to pay off senior police officials in exchange for protection. According to his testimony, the money was ultimately delivered to Cele, who has not yet responded publicly to the latest claims.
The hearing descended into tension as MPs pressed Matlala for proof tying the bank to money laundering. Matlala insisted the bank should be held accountable for failing to flag the unusually large cash withdrawal, saying FNB had ignored financial regulations intended to prevent illicit transactions. “If a bank allows that kind of money to leave an account with no questions asked, then that bank is complicit,” he said.
Committee members noted that large cash withdrawals typically trigger internal reporting mechanisms within financial institutions. Matlala argued that FNB either failed to implement these measures or deliberately looked the other way. He further claimed the transaction was processed smoothly despite his sister having no prior history of high-value withdrawals, calling it “a clear red flag that was never acted upon.”
FNB, contacted shortly after the testimony, stated it would review the claims but maintained that it adheres strictly to all regulatory obligations under the Financial Intelligence Centre Act. The bank declined to comment on individual client transactions, citing confidentiality rules.
Cele’s alleged involvement dominated the hearing, with MPs questioning whether the R300,000 deposit could be verified. Matlala conceded he had no written proof of the handover but insisted he was “fully aware” of where the money ended up. His testimony forms part of a broader inquiry into corruption networks allegedly operating within the South African Police Service.
The committee is expected to summon FNB officials in the coming days, signalling escalating scrutiny that could have far-reaching implications for both the bank and the political figures implicated.