Bank Of Italy Punishes 13 Banks For Rigging Rates

- By FX Markets Staff
- @FXMarkets_
- 24 Jan 2000

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MILAN--The Bank of Italy last week fined 13 banks for colluding to set forex transaction costs too high.

The central bank said the banks had failed to reduce commission charges after VAT was reduced, and pocketed the difference. Profit from the practice across all 13 banks was 1.1 trillion lire ($574 million). The BoI imposed a combined fine of 33 billion lire ($17 million)--three times the minimum required by law.

"The banks simply pocketed the VAT charge even though it was not being levied by

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