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UK: No charges at the end of FX probe

 |  March 15, 2016

A long-running investigation by the Serious Fraud Office into rigging of the £3.5tn-a-day foreign exchange markets has ended without any charges being issued against banks or individuals.

The SFO said that after reviewing more than a half a million documents it had concluded there was insufficient evidence for a realistic prospect of conviction.

“While there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence contrary to English law,” the SFO said.

“It has further been concluded that this evidential position could not be remedied by continuing the investigation.”

Full content: The Guardian

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