The UK Serious Fraud Office (SFO) Friday announced that it has formally decided to investigate the London Interbank Offered Rate (LIBOR) scandal that first came to light last week with regulatory allegations against Barclays Bank plc.
Earlier this week, the SFO, which is a government department responsible for investigating and prosecuting serious and complex fraud, said that it has been working closely with the British regulator, the UK Financial Services Authority, during its investigation into LIBOR setting issues, and it was considering whether to bring criminal prosecutions.
At the time, the SFO said that the issues are complex, and that it hoped to come to a conclusion within a month. The answer came much faster than that, with David Green, head of the SFO, saying Friday that it will be taking on the LIBOR case.
The SFO notes that it is also aware of investigations in other jurisdictions, and that it is working with the relevant authorities.