Will forex cartel escape?

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The jurisdiction of South Africa’s competition authorities is being questioned by some of the banks implicated in an alleged foreign exchange cartel.

The Competition Commission this week filed additional papers to the Competition Tribunal, making its argument for why banks with no presence in South Africa can be prosecuted locally.

This issue will most likely be the first thing argued before the tribunal later this year, potentially letting more than half the banks implicated in the alleged currency trading cartel off the hook.

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