The Swiss Bank is desperately looking for an immunity to save their skin from the global foreign exchange scandal, and cooperating with the investigators in the US and EU
ForexMinute.com – UBS is looking forward to confess its role in the manipulation of international currency markets, says reports from the reliable sources. It has become the first international bank to have been accepting its part in the forex fraud.
Though there are speculations that UBS is red-handedly cornered by the authorities – United States and the European Union – and is simply looking for a way out by playing the immunity card; thus the cooperation to avoid heavy penalties.
However, UBS officials were unreachable for providing any statements regarding the matter.
Though it has been cleared that major international banks were involved in the forex scam, and will surely try to be as cooperative as they can to avoid their antitrust fines. Especially in the US, the likelihood of the criminal community is very high, only if a company admits its offense and offers to cooperate with the legal authorities in solving the case.
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The European Union also have similar laws for companies that confess as a second or third suspect, and further cooperate. They are then likely to have their sentence reduced. Although, no EU spokesperson in Brussels is clearing the matter over UBS’s confession and whether the bank will be given any immunity or not.
It’s not Exactly the UBS’s First Immunity
The UBS has previously been seen playing the similar role for authorities in London Interbank Libor Rate manipulation case. The bank have almost missed a penalty of billions of dollars when it revealed its very own internal misconducts to the investigators.
“The bank did not understand the benefits of such cooperation,†said Douglas Tween, a former lawyer of US Justice Department, currently working at Baker & McKenzie LLB.
UBS, along with the Deutsche Bank, Barclays and Citi Group, is among the largest players in the market for foreign exchange transactions. Worldwide, approximately 20 to 30 currency traders have been fired since the beginning of the investigation last June.
To contact the reporter of the story: Jonathan Millet at john@forexminute.com
