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January 08 2018
The Serious Fraud Office (SFO) Annual Report for the year 2016-2017, published in July 2017, will be the last report overseen by David Green, who is due to step down as director in April 2018. In 2017 12 new criminal investigations were opened, with Airbus and Unaoil joining the list of high-profile investigations, which also includes Barclays, Tesco and Rolls-Royce.
The report provides an overview of the SFO's performance, covering matters such as stakeholder engagement, digital and technological capabilities and the statistical analysis of casework.
Charges were brought against 15 defendants (corporates and individuals) in eight cases, achieving a conviction rate by defendant of 87% and by case of 100% (compared with 32% percent in 2016). It also entered into two deferred prosecution agreements, most notably with Rolls-Royce. Further, the SFO made financial recoveries of £544.7 million, meaning that it has achieved a net financial contribution of £460 million to the Treasury over the past four years – approximately £1 million per member of staff. The casework success and the significant level of financial recovery will certainly have bolstered the SFO at a time when there is still some uncertainty over its future, particularly under the present government.
Notably, the report sets out the steps taken by the SFO in order to raise its global profile. In this regard, the SFO:
On the basis of this report and the cases taken on by the SFO during Green's tenure as director, he will have secured a legacy characterised by relative success and value for money.
For further information on this topic please contact Kathleen Harris, Sean Curran, Oliver Cooke or Melissa Dames at Arnold & Porter Kaye Scholer LLP by telephone (+44 20 7786 6100) or email (email@example.com, firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The Arnold & Porter Kaye Scholer LLP website can be accessed at www.apks.com.
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