The number of people at the U.K.’s Serious Fraud Office working on a criminal investigation into manipulation of the London interbank offered rate has been doubled to 60, the director of the agency, David Green, said in a speech today.
“There will be significant progress in that investigation over the next quarter,” Green said of the Libor probe, which has resulted in the arrest of a former Citigroup Inc. trader and two men who worked at brokerage firm RP Martin Holdings Ltd.
The SFO’s criminal probe is focusing on British nationals at British banks, Green said, noting “Libor begins with London.”
“We are moving hard and fast” on the case, he said, when asked how the agency was working with other authorities.
The agency has already received 3.5 million pounds ($5.3 million) in additional funding from the U.K. Treasury and “will receive more than that in 2014,” Green said.
Five employees from the U.K. tax authority will also be assigned to the SFO to work on the Libor probe, while two more from Britain’s finance regulator are already involved, he said.
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