16th Mar 2016 06:44
LONDON (Alliance News) - The UK Serious Fraud Office on Tuesday said it has closed its investigation into allegations of price-rigging in the foreign exchange market.
The SFO said it had conducted a "thorough and independent" investigation into the market in the past 18 months and concluded there is "insufficient evidence for a realistic prospect of conviction".
It said that, while reasonable grounds exist to suspect serious or complex fraud had been committed, the evidence found would not be enough to secure a criminal conviction in the UK.
The SFO said it will continue to liaise with the US Department of Justice on its ongoing investigation into the foreign exchange market.
UK-listed banks including HSBC Holdings PLC, Barclays PLC and Royal Bank of Scotland Group PLC have been fined over the past two years by UK and US regulators for their involvement in the foreign exchange-rate manipulation allegations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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