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First DPA Under U.K. Bribery Act

Tom Fox | December 1, 2015

On Monday the U.K. Serious Fraud Office announced its first deferred-prosecution agreement entered into under the Bribery Act. It involved the British banking institution ICBC Standard Bank Plc. The bank was charged with failing to prevent the payment of a bribe obtain business from the government of Tanzania.

According to the SFO press release, the bank made a $6 million payment to “induce members of the government of Tanzania, to show favor to Stanbic Tanzania and Standard Bank's proposal for a U.S. $600 million private placement to be carried out on behalf of the Government of Tanzania. The placement generated transaction fees of U.S. $8.4 million.” As a result of the DPA, the bank was fined $25.2 million, paid the government of Tanzania $7 million in compensation and reimbursed the SFO £330,000 for its costs.

The bank self-disclosed the violation to the SFO and conducted its own internal investigation in addition to the SFO’s probe. The SFO also cooperated and...

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