‘Cowardice govt’ must strip price-fixing banks of licences, says EFF

“The EFF will write to the South African Reserve Bank to demand that the banking and operating licences of these banks must be discontinued immediately because we believe collusion around South Africa’s currency is treacherous and should be treated as such.”

This was a statement given by the party after the Competition Commission revealed that 17 banks had colluded to fix the rand.

“The cowardice government must now illustrate to the banks that despite their systemically important financial position‚ they are not above the law and not beyond reproach [sic]. Most of these banks have been platforms for massive illicit financial flows‚ money laundering and corruption committed in South Africa and the entire developing world.”

The statement by the commission said it had been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the rand since April 2015. It has now referred the case to the Tribunal for prosecution.

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