Fraud Crackdown: What The Serious Fraud Office Funding Boost Means For Those Facing Fraud Allegations
The Serious Fraud Office (SFO) is a prosecuting authority as part of the UK’s criminal justice system, responsible for investigating and prosecuting serious or complex fraud, including bribery and corruption. It is said that fraud is now the most commonly experienced crime in England and Wales1. With a view to a greater crack down on fraud matters, it has recently been announced that the SFO will receive an additional £9.3 million in funding. The funding aims to enhance the SFO’s technology and case management systems and bolster its capabilities to seize assets. In addition to the £9.3 million for the SFO, the Autumn Budget also included an additional £80 million to help with pay, inflation and demand pressures across all Law Officers Departments – which includes the Crown Prosecution Service and the Government Legal Department.
In a climate of limited public funding, the substantial backing of the SFO presents the very determined focus of government in minimising fraud, which in turn, raises critical concerns for those accused of these matters.
The SFO’s New Resources
A significant portion of the funding will be invested in improving case management and leveraging artificial intelligence to manage large volumes of disclosure and evidence. Disclosure in fraud cases is a recent point of contention with a separate independent review also being launched. This is because fraud and complex crime matters often generate masses of digital material. Another review found that if the average volume of material in an SFO case was printed, it would stack considerably higher than the Shard, which perfectly encapsulates the difficulty, both for the prosecution and the defence, in these types of matters.
The funding will also contribute to an increased focus on asset recovery, with new resources aimed at freezing and confiscating assets under the Proceeds of Crime Act (POCA).
The effect of greater funding for defendants
The SFO has long been criticised for their long-winded investigations and trials, yet the increased funding will likely lead to much faster prosecutions. Whilst the could be viewed as a positive for defendants who are often subject to painful timescales spanning the course of several years, it is hoped by the SFO that they will have greater efficiency in their ability to handle such matters. Consequently, smaller businesses and individuals may find themselves at a disadvantage when defending themselves against a well-equipped investigative body.
Furthermore, the funding could also mean defendants are faced with greater and earlier financial disruption with the SFO having improved ability to seize assets. Freezing of assets can severely impact personal and business finances and is an important consideration for defendants to bear in mind.
For those accused of complex fraud matters it is important to seek specialist legal advice at the earliest opportunity. If you would like to obtain legal advice on this issue, or a related topic, please contact one of our criminal defence experts on 0330 822 3451 to begin a discussion or request a callback.
