Serious Fraud Office Launches Foreign Exchange Investigation

Government Department Examining Allegations Of Fraud


The Serious Fraud Office (SFO) has confirmed it is launching an investigation into the foreign exchange market.

In a short statement, the government department responsible for investigating and bringing prosecutions in relation to the complex financial crime confirmed it is examining allegations of fraudulent conduct in the area.

Confirmation of the move comes after the Financial Conduct Authority outlined in October that it was working alongside other agencies related to the so-called forex market.

The regulatory body stated that it was gathering information from a range of sources through the course of its work.

Expert Opinion
The SFO made it clear in their latest Annual Report that they want to take on casework that is considered the top most tier of serious and complex fraud and bribery.

"The announcement of the FOREX investigation is another example of the SFO undertaking fewer but much larger and more complex ‘blockbuster’ investigations (such as LIBOR) with multi-jurisdictional issues.

"Some commentators are suggesting that the FOREX investigation could be more complex and ‘bigger’ than anything we have seen to date. The Director of the SFO is hoping that the recalibrated case load will include cases that undermine the City of London, where the potential sums involved are high, harm is significant and the cases are groundbreaking."
Sarah Wallace, Partner