Serious Fraud Office introduces new corporate criminal offence in bid to improve business confidence
The Serious Fraud Office says businesses will benefit from a new corporate criminal offence of ‘failure to prevent fraud’, designed to drive an anti-fraud culture and improve business confidence. Introduced as part of the Economic Crime and Corporate Transparency Act (ECCT) 2023, the offence, which came into effect on September 1st, will hold large organisations […]
Serious Fraud Office receives extra budget for intelligence gathering
The Government has confirmed upwards of £8 million of investment over the next three years will be spent on strengthening the Serious Fraud Office’s (SFO) intelligence and information-gathering work and expanding the agency’s use of technology to assist with disclosure. The extra funding, which is in addition to the £9.3 million of funding announced in the […]
Should the SFO be scrapped? The IEA thinks so
The Institute of Economic Affairs has published a paper asserting the Serious Fraud Office (SFO) should be replaced with a new body dedicated to combating economic crime with greater emphasis on prevention. In the paper, the IEA says the SFO has been plagued by a series of high-profile failures, ‘including ethical misconduct and incompetence’. In […]