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June 19, 2013

British Commission Calls for New Laws to Prosecute Bankers for Fraud

“British lawmakers are calling for criminal prosecutions of senior bankers who cause the collapse of financial institutions, as Parliament is set to undertake a major overhaul of the country’s banking sector.

The lawmakers, which were part of the British parliamentary commission on banking standards created last year in response to a series of scandals, outlined plans for greater responsibility over how British banks were managed in a report published on Wednesday in London.

The commission includes senior figures from the British establishment, including the archbishop of Canterbury, Justin Welby, and a former chancellor of the Exchequer, Nigel Lawson. Some of the recommendations will be incorporated into proposed banking legislation that is expected to come into effect next year.

British banks have faced savage criticism from politicians and the public after a series of scandals cast doubt on London’s reputation as a center of global finance.”


Read the full New York Times article here

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