Bankers Libor case is a tough spot for the SFO

Ultimately, the whole LIBOR investigation and subsequent court cases place a spotlight on the issues that arise when we apply criminal law to the policing of the financial market, and the challenges this creates for the SFO (on the one hand, people are saying the convictions are unfair, but if the convictions weren’t made, the SFO would have been heavily criticised for not doing anything). This shows just how difficult it is to prosecute alleged dishonesty in deeply commercial situations, when there is quite plainly an element of discretion around what activity is dishonest, and what activity isn’t.