The Serious Fraud Office has been given an extra £9.3m of funding to improve its case management and evidence handling

Funding must be used to deliver results the SFO was created to achieve

The government has announced increased funding for the SFO.

 

Some might see an obvious tension between the government’s stated aim of reducing the regulatory burden on businesses and increased enforcement activity by the SFO.

 

After a run of high profile set-backs, the SFO under its new director appears to have lowered its sights. Instead of pursuing multi-national corporations for fraud, bribery and corruption, it is targeting scammers who are ripping off UK investors and consumers. This is vital work and those responsible for defrauding the public should be held to account but is it what the SFO should be tackling? Its stated mission is to investigate and prosecute the most serious and complex financial crimes. Invariably, this will involve tackling cyber crime.

 

The SFO must demonstrate that this additional funding will be used to deliver the results the SFO was created to achieve. Only then will it safeguard UK citizens and broader economic interests.

 

Kathleen Harris
Managing partner, Arnold & Porter

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