Australia cracks down on interest rate-rigging
Australia has announced stiffer penalties for interest rate-rigging as the chiefs of its four biggest banks are grilled by MPs.
Under the new rules, manipulation of the rates used when banks lend money to each other will be a criminal offence.
The plans were announced as the top four bank chiefs face tough questions from a parliamentary inquiry.
The probe comes as the ongoing crisis at Deutsche Bank has put a fresh spotlight on the global banking sector.
Australia's treasurer, Scott Morrison, said the tough new rules were to "ensure that past egregious conduct by the banks in... read more
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