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ICBC Standard Bank Gets First U.K. Deferred Prosecution Agreement

Jaclyn Jaeger | November 30, 2015

ICBC Standard Bank has become the recipient of Britain's first deferred prosecution agreement, the U.K. Serious Fraud Office announced today. The bank will pay a total of $32.6 million in fines and repayments of bribery payments resulting from allegations of bribery in Tanzania.

In February 2014, the SFO began allowing DPAs, which offer companies the opportunity for negotiated resolutions to corporate crime convictions in some cases, rather than criminal prosecutions. In exchange, the company must pay fines, in addition to repaying any related profits.

Standard Bank was the subject of an indictment alleging failure to prevent bribery in violation of Section 7 of the Bribery Act, which establishes liability for companies with a U.K. presence that fail to prevent acts of...

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