Competition Law and Financial Crime: A Comparative Analysis of International Responses to Market Manipulation (The Law of Financial Crime)

Financial crime is a significant drain on economies across the world.This book looks at one aspect of financial crime, that of benchmark interest rate manipulation by competing banks, with the aim of identifying the best approach for the United Kingdom to take to the enforcement of laws against future benchmark manipulation. The manipulation of any benchmark interest rate by bankers, colluding for their own gain, is likely to negatively affect a large proportion of the population, as many people have loans pegged to a benchmark interest rate.This monograph investigates the approach the UK took to enforcing action against the benchmark manipulation which took place in the London Interbank Offered Rate and the Foreign Exchange benchmark manipulation scandals.As part of this investigation, the approaches taken in the European Union and the United States of America are examined and compared to the approach taken in the UK for the same crime to draw conclusions and make recommendations to i