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Britain opens criminal probe into foreign exchange rigging

Published on Jul 22, 2014 4:35 AM

LONDON (AFP) - Britain's fraud agency on Monday said it has launched a criminal probe on Monday into allegations of price rigging in foreign exchange markets.

The investigation into "fraudulent conduct" comes after EU, British, and US and other regulators have levied huge fines on some of the world's biggest banks and investment houses for manipulating financial markets worth trillions of dollars.

"The director of the Serious Fraud Office has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market," it said in a statement, without giving further details.

Reports said the investigation was expected to centre on whether traders personally benefitted from manipulating foreign exchange market benchmarks.

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