SFO sets out route for businesses to avoid prosecution
The Serious Fraud Office (SFO) has today launched new guidance for corporates about self-reporting, co-operation and Deferred Prosecution Agreements (DPAs).
The Serious Fraud Office (SFO) today launched new guidance, stating for the first time that if a corporate self-reports suspected wrongdoing and co-operates fully with investigators, it can expect to be invited to negotiate a Deferred Prosecution Agreement (DPA) rather than face prosecution, unless exceptional circumstances apply.
At a legal conference in London, SFO Director Nick Ephgrave introduced new corporate co-operation guidance that will make it simpler for corporates to report suspected wrongdoing by a direct route to the SFO’s Intelligence Division via a secure reporting portal.
The guidance also provides greater clarity on what the SFO views as ‘genuine co-operation’, including preservation of digital and hard copy material, presenting the facts on suspected criminal conduct and early engagement with the SFO on any internal investigation. The guidance also gives examples of what the SFO views as uncooperative conduct, including attempts to “forum shop” by unreasonably reporting offending to another jurisdiction for strategic reasons and attempts to minimise or obfuscate the involvement of individuals.
In return, a self-reporting company can expect the SFO to:
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Contact it within 48 business hours of a self-report or other initial contact.
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Provide a decision whether to open an investigation within six months of a self-report.
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Conclude its investigation within a prompt time frame.
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Conclude DPA negotiations within six months of sending an invite.
Nick Ephgrave QPM, Director of the Serious Fraud Office, said:
We are determined to lead the fight against serious and complex fraud, bribery and corruption at home and side by side with international partners. Our new guidance sets out how corporates can report suspected criminality to us and what we expect from cooperating corporates.
If you have knowledge of wrongdoing, the gamble of keeping this to yourself has never been riskier.
The new guidance comes amidst a push by the SFO to optimise its operating environment to tackle top-tier criminality, including by advancing plans to incentivise whistleblowers, supporting reform of outdated disclosure practice, trialling new technology and setting up a taskforce to tackle international bribery and corruption with key partners.
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