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Written question asked by Lord Sikka (Labour) on Wednesday, 25 November 2020, in the House of Lords. It was due for an answer on Wednesday, 9 December 2020. It was answered by Baroness Scott of Bybrook (Conservative) on Wednesday, 9 December 2020 on behalf of the Ministry of Justice.

Exchange Rates: Fraud

Question

To ask Her Majesty's Government how many prosecutions there have been for rigging foreign exchange rates under (1) the Criminal Justice Act 1993, and (2) the Financial Services Act 2012; and what was the outcome of each such prosecution.

Answer

The Ministry of Justice has published information on prosecutions, convictions and sentences for offences committed under both the Financial Services Act 2012 and the Criminal Justice Act 1993, from 2013 to 2019, available in the ‘Principal offence proceedings and outcomes by Home Office offence code’ data tool, here:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888344/HO-code-tool-principal-offence-2019.xlsx

No defendants were prosecuted where the principal offence fell under the Financial Services Act 2012 between 2013 and 2019.

In this instance, all offences under the Criminal Justice Act 1993 are under one Home Office offence code, so cannot be disaggregated. Search ‘Detailed offence’ in the data tool linked above for ‘Insider dealing’.

12 individuals were prosecuted and 13 were sentenced under the Criminal Justice Act 1993, between 2013 and 2019. Defendants who appear before both magistrates’ and Crown courts may be convicted and sentenced for a different offence to that for which they are counted as having been originally prosecuted if the offence is changed on conviction. Sentence outcomes were 3 suspended sentences and 10 immediate custodial sentences.

Secondary information

Type
Written question
Reference
HL10714
Session
2019-21
Grouped for answer
Yes
Subjects
Fraud Prosecutions Exchange rates
Legislation
Financial Services Act 2012
Criminal Justice Act 1993
Contains statistics
Yes
Link
View this Written question on www.parliament.uk