News Column

UK's fraud squad joins global probe into forex manipulation

June 6, 2014

KIRSTIN RIDLEY



BRITAIN'S fraud squad is examining information from a global investigation into the possible manipulation of currency markets, in the first sign it might follow the United States in launching a criminal investigation.


The UK is keen to be at the forefront of a global inquiry into the $5 trillion-a-day foreign exchange market, partly because about 40 per cent of it is based in London. The Financial Conduct Authority (FCA), the City watchdog, began its own probe into currency markets last year.


"The SFO (Serious Fraud Office) is receiving and examining complex data on this topic. If and when we open a criminal investigation, that decision will be announced in the usual way," David Green, the head of the SFO, said in a statement.


The US Department of Justice launched its own criminal inquiry last October.


Reuters


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Source: City A.M. (UK)


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