Australia cracks down on rate riggers
It makes manipulation of financial benchmarks a criminal offence, with penalties including jail time
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Sydney
MANIPULATING financial benchmarks will become a criminal offence in Australia, the government announced on Tuesday, as the nation's largest lender defended its huge profits in a grilling by lawmakers over its practices.
Treasurer Scott Morrison said that the tough new rules would "ensure that past egregious conduct by the banks in manipulating benchmarks is prevented in the future".
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