The conviction of Tom Hayes in the first UK LIBOR trial (click here to read more) is a watershed moment. It’s a big win for the SFO, although it must be said that a more damning book of evidence could not be imagined. The judge’s sentencing remarks (link to judiciary.gov.uk) repay detailed study. Hayes received … Continue Reading
The UK’s Serious Fraud Office is gradually lengthening the role of prosecutions for overseas corruption with an important new prosecution, and clear indications that more are in the pipeline. The new case involves Smith & Ouzman, a printing company, and four individuals connected with it. The company and some of its officers are accused of … Continue Reading
Following on from our last blog, the SFO has published revised statements of policy on its website dealing with facilitation payments, business expenditure (i.e. hospitality and gifts) and self-reporting which take immediate effect and revoke previous guidance. The new statements of policy are blunt. Facilitation payments – the SFO has reiterated that these are illegal under … Continue Reading
This post was written by Rosanne M. Kay and Vanessa Assaiante. The SFO has removed guidance on both self-reporting and on facilitation payments and corporate hospitality from its website leaving uncertainty behind. The removal of the guidance on self-reporting is not surprising. It has been on the cards since Glyn Powell (Head of Fraud at … Continue Reading
This post was also written by Shariq Gilani. The Ministry of Justice (“MOJ”) has launched a Consultation on the introduction of Deferred Prosecution Agreements (“DPAs”) in the UK, as a new enforcement tool in dealing with economic crime. As with the U.S. model, the proposed DPAs would allow prosecutors to enter into agreements with commercial … Continue Reading
This post was written by Rosanne M. Kay. Word on the street is that the UK’s Serious Fraud Office (“SFO”) has a number of active investigations into potential offences under the Bribery Act 2010. So far, the Bribery Act has only been used in a reasonably minor prosecution of a court clerk who took bribes … Continue Reading
This post was also written by Emma Osborne. The first person to be charged under the new UK Bribery Act, a magistrates court clerk, was convicted by Southwark Crown Court on Friday, 14 October 2011. The court clerk, 22 year old Mr Munir Yakub Patel, was convicted under Section 2 of the Bribery Act for … Continue Reading
This post was also written by Fionnuala Lynch. Earlier this month, Richard Alderman, Director of the SFO, was speaking at an international symposium on economic crime in Cambridge and made an interesting point which has been picked up by many UK newspapers. He referred to the fact that 20 years ago, it was possible for … Continue Reading
The first person to be charged under the new Bribery Act will be a magistrates court clerk who allegedly accepted £500 for fixing a motoring offence. The Crown Prosecution Service (“CPS”) has decided to prosecute Munir Yakub Patel who faces a charge under Section 2 of the Bribery Act for allegedly requesting and receiving a … Continue Reading
This post was also written by Simon Hart. The Director of the Serious Fraud Office (“SFO”) has recently articulated a robust interpretation of the SFO’s jurisdiction under the UK’s Bribery Act 2010, which comes into force on 1 July 2011. In doing so, the Director has challenged the understanding of many companies and their advisors. … Continue Reading
This post was written by Simon D. Hart. After months of speculation, and rumoured turf wars within the UK government, it has today been confirmed that the UK’s Serious Fraud Office (“SFO”) will not be broken up and will remain independent of the new National Crime Agency (“NCA”). The SFO will retain both its investigative … Continue Reading
The waiting is over! At last the UK Ministry of Justice has published guidance about procedures which commercial organisations can put into place to prevent persons associated with them from bribing. The Act will now come into force on 1 July 2011. The guidance offers non-prescriptive procedures and commentary on the scope of the Act. … Continue Reading
Two former directors of engineering firm Mabey & Johnson received custodial sentences today, having been found guilty earlier this month of inflating the prices paid under humanitarian contracts to provide steel bridges to ensure that kickbacks of over Euros 420,000 could be paid to Saddam Hussein’s government. The directors, Charles Forsyth and David Mabey, who … Continue Reading
