The ruling ANC party in South Africa has demanded that commercial banks involved in manipulating the country’s currency, the rand, face criminal charges. The ANC argues that the recent settlement of R42.7 million ($2.3 million) by Standard Chartered is insufficient to address the damage caused to the economy.
- Standard Chartered, a major international bank, recently admitted to manipulating currency trading in South Africa. The bank agreed to pay a penalty but now faces further calls for criminal charges from the ANC.
- The Competition Commission conducted an investigation into allegations of collusion among banks to manipulate the value of the rand. The probe began in 2015, following a global investigation into currency manipulation.
- The inquiry into rand manipulation is part of a larger international effort to address currency manipulation. Previous investigations in the United States and the United Kingdom resulted in significant settlements and penalties for banks involved in similar activities.
- While demanding criminal charges, the ANC also commends the Competition Commission for its investigation into the matter. The ANC recognizes the importance of holding financial institutions accountable for illegal conduct.
- The ANC highlights the economic harm caused by currency manipulation and emphasizes the need for justice. The party believes that criminal charges will serve as a stronger deterrent and ensure that banks are held responsible for their actions.
- The ANC’s statement has called on all banks implicated in the currency manipulation scandal to respond and face criminal charges. The party expects a comprehensive and thorough investigation into the matter to restore public trust in the financial system.