All Serious Fraud Office articles
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PremiumCompliance survey shows clawback policies and cooperation tools largely unused
Many companies have strong compliance policies to encourage cooperation with regulators and hold staff accountable, but these policies are rarely used, and cooperation often depends on cost and business benefit, according to a new survey of compliance professionals.
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PremiumU.K. prepares to prosecute firms under new Failure to Prevent Fraud rules
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
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PremiumEmployees may fail to report fraud unless U.K. whistleblower protection is beefed up
In September, the U.K. will enforce its third “failure to prevent” offense under sweeping anti-corporate crime laws, but experts question whether it will actually change corporate behavior or embolden whistleblowers.
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PremiumUK’s Failure to Prevent Fraud law may expose firms to unlimited fines and prosecution, says Moody’s compliance risk expert
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
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PremiumUK regulator’s efforts to coax self-reporting fraud could fall flat, experts warn
To both clean up corporate behaviour and rack up its own enforcement record, the UK’s anti-bribery agency has seemingly largely guaranteed companies a pass from prosecution if they spill the beans on their misconduct. There’s only one problem: experts believe businesses may still stand a better outcome if they front ...
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PremiumExperts express skepticism toward ‘challenging’ SFO strategy
The U.K. Serious Fraud Office last month published its five-year strategic plan outlining how it intends to improve information gathering and international cooperation, as well as its enforcement record.
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PremiumWirecard whistleblower laments EU speak-up protection inconsistencies
The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.
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News BriefSFO outlines five-year strategy amid ‘increasing pace of change’
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
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News BriefSFO launches probe into collapsed Carlauren Group
The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
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PremiumSFO director support for whistleblower incentives enough to drive change?
When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.
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PremiumExperts: No easy fix for U.K. senior manager accountability shortcomings
Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.
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News BriefSFO raids kick off probe into collapsed Signature Group
The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.
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PremiumNew SFO director vows quicker cases, stumps for whistleblower payouts
“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.
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News BriefSFO raids AOG Technics office in fraud probe
The U.K. Serious Fraud Office launched a fraud investigation into AOG Technics over allegations the company supplied fake airplane engine parts to major airlines across the globe.
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News BriefSFO investigating $83M of missing client funds by Axiom Ince
The U.K. Serious Fraud Office launched an investigation into collapsed law firm Axiom Ince and an estimated £66 million (U.S. $82.5 million) worth of client funds that went missing.
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News BriefSFO admits staffing challenges in annual report
Recruitment and retention are among the biggest issues facing the U.K. Serious Fraud Office as the agency gets set for a new director to take the reins.
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PremiumWhat should be priorities for incoming SFO director?
High staff turnover, low morale, and unattractive rates of pay are among the areas legal experts pointed to when discussing the potential agenda of Nick Ephgrave upon taking over as head of the U.K. Serious Fraud Office.
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PremiumSFO’s Balli Steel win latest to leverage international cooperation
The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
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ArticleGlencore Energy’s $324M fine for bribery comes with warning to others
Glencore Energy UK was ordered to pay nearly £281 million (U.S. $314 million) in fines and costs after an investigation by the U.K.’s Serious Fraud Office (SFO) found it paid $29 million in bribes to gain preferential access to oil in Africa to boost profits.
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ArticleHBOS case latest example of U.K. senior exec accountability woes
The Prudential Regulation Authority and Financial Conduct Authority ending their six-year investigations into former senior managers at HBOS without enforcement serves as reminder of the United Kingdom’s checkered history of bringing executives to book.