Forex Currency Manipulation in South Africa
South Africa’s Competition Tribunal has requested that The Competition Commission of South Africa provide additional evidence about their alleged Forex currency manipulation with the Rand, which the commission has regularly manipulated against their clients since 2007. However, the tribunal hasn’t requested any evidence or information from banking institutions that have been implicated in manipulating currency with the commission. The Competition Commission will also have their charges and accusations re-evaluated within forty days if these requests are followed.
The SACT has also found that in numerous instances, the commission would gold cases from lenders, creating a conspiracy to launder Rand into the US Dollar through Forex Exchanges & banking institutions. Lack of evidence submitted from the commission could result in severe fines & prison time for executives.
The Banking Institutions Implicated
The Competition Tribunal in South Africa began their investigation into the Competition Commission back in 2015. Currently, prosecutors working for SACT are scouring evidence to determine if the banks implemented by the CCSA are correct. The CCSA indicates that banking institutions in South Africa worked with them to alter price quotes for clients that were selling or buying cryptocurrencies.
There have been over twenty banks named in this case. That list includes Barclays PLC, Bank of America Merrill Lynch, JP Morgan, Standard New York Securities, Barclays Africa, ANZ Banking Group, Macquarie Bank, Credit Suisse Group, BNP Paribas, Commerce Bank, Standard Chartered LC and AG.
The South African Government has begun increasing its efforts towards Forex Regulations. However, there several years behind Western Financial Regulators, who already have regulated their Forex markets and issued out billions in fines to global banking institutions. The government has publically stated that they’ll continually monitor the Forex SA Market to ensure that operators are maintaining responsible trading practices.
This public statement indicates that the Financial Services Board in South Africa is planning on introducing new fines to operators not obeying regulation standards. However, it seems that the government refuses to punish banking institutions operating in the country. It’s estimated that penalties will instead be implemented onto traders and exchanges.