Bank of America wins big against SARS in court

• Bank of America has won a major victory in South Africa after the Constitutional Court ruled that foreign banks cannot be prosecuted for alleged anticompetitive conduct carried out entirely outside the country.
• The case, which began in 2015, involved 18 banks accused of manipulating the USD/ZAR exchange rate, and the court's decision limits the Competition Commission's ability to prosecute foreign banks.
• The ruling has implications for foreign companies operating in South Africa, and the Competition Commission has vowed to appeal the decision, which is seen as a significant setback for its efforts to regulate the country's financial sector.