UK:
UK's Serious Fraud Office Closes Foreign Exchange Investigation
06 April 2016
Shearman & Sterling LLP
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On March 15, 2016, the Serious Fraud Office announced that it
had closed its investigation relating to allegations of fraudulent
conduct in the foreign exchange market. The SFO has concluded there
was insufficient evidence for a realistic prospect of conviction,
based on the information and material from the Financial Conduct
Authority. The SFO stated that there were reasonable grounds to
suspect fraud had been committed. However, the available evidence
was considered not to satisfy the evidential tests for prosecution
under English law. The SFO considers that the evidential deficiency
could not be remedied by extending the investigation.
The SFO press release is available at: https://www.sfo.gov.uk/2016/03/15/sfo-closes-forex-investigation/.
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