26 July 2012, the European Union’s European Commission is asking its members to pass a new law making currency and interest rate manipulation a crime.

The scandal involves mainly U.S. and British Too Big to Fail banks and the British based LIBOR, Belgium based EURIBOR and Japan based TIBOR systems.  Recently it was revealed that such systems are also being used to help elites hide $20 trillion USD worth of wealth from tax collectors.

In Denmark, the Danish government is wrapping up their investigation into their own CIBOR system.  Officials running the Copenhagen Interbank Offered Rate are suspected of setting rates unjustifiably higher than the EURIBOR.

The Wall Street Journal recently said the scandal “…could lead to a new system of calculating a benchmark…”

Too Big to Fail Morgan Stanley is asking British officials to put the Bank of England in direct control of LIBOR.

Also, U.S. Treasury Secretary Timothy Geithner, stated he will be reviewing the proposed introduction of a new global rate system that will replace current LIBOR like systems.

The rate fixing scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).