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Forex-rigging investigation: George Osborne gives full backing to SFO Forex-rigging investigation: George Osborne gives full backing to SFO
(about 2 hours later)
The UK Treasury will hand the Serious Fraud Office all the funds it needs to conduct a criminal investigation into alleged rigging of the $5.3 trillion-a-day currency market, a Treasury source said. The UK Treasury will hand the Serious Fraud Office (SFO) all the funds it needs to conduct a criminal investigation into alleged rigging of the $5.3tn-a-day currency market, a Treasury source has said.
Chancellor George Osborne has written to the Serious Fraud Office (SFO) to say it will be given the financial support it needs for the investigation. The source said a letter by the chancellor, George Osborne, to the SFO states: “I understand that the SFO is in the early stages of a major investigation into forex trading. Given the importance of this work, the Treasury will provide the required funding for this investigation.”
“I understand that the SFO is in the early stages of a major investigation into forex trading. Given the importance of this work, the Treasury will provide the required funding for this investigation,” the source said the letter states. The SFO launched a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July and said individuals could be charged next year. This is in addition to a regulatory clampdown which resulted in six major banks being fined a total of $4.3bn (£2.6bn) on Wednesday.
The SFO opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market in July and said individuals could be charged next year. This is in addition to a regulatory clampdown which resulted in six major banks being fined a total of $4.3bn (£2.6bn) on Wednesday. The banks were fined for failing to stop traders from trying to manipulate the foreign exchange market, after a year-long global investigation. The levies brought total penalties for manipulation of financial benchmarks to more than $10bn over two years.
The fines were for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation. Royal Bank of Scotland, HSBC, JP Morgan, Citigroup, Bank of America Corp and UBS were hit with penalties; Barclays is in talks with authorities over a settlement.
The levies brought total penalties for manipulation of financial benchmarks to more than $10bn over two years.
Royal Bank of Scotland, HSBC, JP Morgan , Citigroup, Bank of America Corp and UBS were hit with penalties. Barclays is still in talks with authorities over a settlement.