The Serious Fraud Office (SFO) has said that legislation could be used to bring criminal charges against bankers responsible for the Libor rate rigging scandal.
The SFO would not specify the exact charges; however, it is believed that, if found guilty, prison sentences could be handed to those involved in manipulating inter-bank rates during 2005 and 2008.
The Government office said it was "satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates".
The Financial Services Authority (FSA) announced yesterday that a review would be launched into the Libor setting process, which could result in it being regulated by the FSA.
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