Sunday, July 8, 2012

Serious Fraud Office launches Libor investigation

The Serious Fraud Office (SFO) has confirmed that it has formally
launched an investigation into the rigging of inter-bank lending rates.

The case could lead to criminal charges being brought against individuals.

Its involvement follows an investigation by US and UK regulators into
the manipulation of Libor, which resulted in a record fine for Barclays.

The Chief Secretary to the Treasury, Danny Alexander, said he was
"delighted" by the decision.

"As a government, we will make sure the SFO has all the resources it
needs to conduct this investigation in full," he said.

"I want the SFO to follow the evidence wherever it goes, to bring
prosecutions if they can."

Last week the bank agreed to pay £290m in penalties after its traders
tried to rig inter-bank lending rates, sometimes working with staff at
other financial institutions.

Regulators are continuing to look into possible rate manipulation at
other banks, while the US Department of Justice is carrying out its own
criminal investigations.
Continue reading the main story
Serious Fraud Office

Independent government agency established in 1988
Deals with complex, high value fraud cases
Average length of case is 4-6 years
Carries out investigations in England, Wales and Northern Ireland.
In Scotland, this is done by the Crown Office's Serious and Organised
Crime Division

An SFO spokesperson confirmed that a dedicated case team had now started
work, but would not say whom it was investigating.

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