Bankers involved in the Libor-rigging scandal could face jail terms after the Serious Fraud Office (SFO) confirmed that existing legislation will suffice to bring criminal actions against banks and individuals.
In a statement, the SFO said: “The Director of the Serious Fraud Office, David Green QC, is satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates. The investigation, announced on 6 July, involves a number of financial institutions.”
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