United Kingdom: UK fraud head expects corporate plea deals, considers Libor charges
Author(s): Kirstin Ridley | Date: October 25, 2016 | Language: English
Source: http://www.reuters.com/ | URL: https://goo.gl/kNOQHT | Type: Text
The UK Serious Fraud Office (SFO) expects to agree some “significant” corporate plea deals over the coming months and is also considering filing more charges in the Libor benchmark rate rigging investigation, its head said on Tuesday.
The SFO’s probe into alleged manipulation of benchmark rates such as Libor (London interbank offered rate), which began in 2012, has so far resulted in five convictions and six acquittals of individuals. Eight others face trial next year.
SFO director David Green told a parliamentary committee of lawmakers that there were also “some others” who it had to decide whether to charge.
Lawmakers asked whether the SFO had the resources to provide a credible threat of prosecution if companies failed to report themselves to the authorities when they discover wrongdoing.
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