Wednesday, 23 July 2014
Serious Fraud Office launches criminal probe into forex manipulation
‘The Serious Fraud Office has launched a criminal investigation into allegations London bankers rigged key foreign exchange benchmarks for profit, the agency announced today.
Traders found guilty of illegally manipulating the $5.3 trillion-a-day currency market could face jail and the banking institutions for which they work could also face prosecution.
America’s Department of Justice announced its own probe into alleged manipulation of the $5.3trillion a day foreign exchange market last October. At the same time the Financial Conduct Authority, Britain’s principal financial regulator, launched an investigation. Market watchdogs in Europe and Asia are also involved. The SFO is understood to have been gathering information for several months before formally launching its investigation.’
