Bloomberg reports that Cole made the remarks today in a speech to compliance officers and investigators at a money-laundering enforcement conference in Washington, where he touted the department’s investigation of manipulation of the London interbank offered rate, or Libor, the benchmark interest rate for more than $360tril of securities worldwide.
'The department’s criminal and antitrust divisions along with the FBI, regulators and other law enforcement agencies around the world are aggressively investigating possible manipulation of foreign-exchange rates involving a number of financial institutions', Cole said at the conference sponsored by the American Bar Association and the American Bankers Association. 'You’ll be hearing more about this investigation in the future'.
Regulators in the U.K., Switzerland, the U.S. and Asia are probing allegations of rate-rigging in the $5.3tril-a-day currency market. Dealers in the industry were front-running client orders and attempting to rig the benchmark WM/Reuters rate by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmarks are set, Bloomberg News reported in June.
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image: © Clyde Robinson