The UK’s Serious Fraud Office (SFO) is set to commence its first criminal investigation into alleged rigging of the foreign-exchange market.
The SFO, which is already conducting a criminal probe into the rigging of benchmark interest rate Libor, is expected to declare the move "within days", Sunday Times reported citing undisclosed sources.
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The US Department of Justice’s antitrust and fraud teams have already launched a criminal probe, while the UK’s Financial Conduct Authority is one of several regulators around the world that have demanded banks undertake internal investigations into whether currency traders rigged markets to boost their own positions.
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