Why rate-rigging traders not charged

PHOTO: Why rate-rigging traders not charged

SINGAPORE - No criminal charges were brought against traders involved in a scandal to rig benchmark interest rates as "there was insufficient evidence to support any prosecution" based on existing criminal laws, said Mr Lawrence Wong, who is Acting Minister for Culture, Community and Youth and a board member of the Monetary Authority of Singapore (MAS).

He said MAS also did not find evidence that the senior management of the 20 banks involved were aware of their traders' actions.

Disciplinary actions, including termination of employment or demotions, have been meted out to the traders.

MAS is proposing a new regulatory framework, including criminalising such financial benchmark manipulation.

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