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SFO

  • Serious Fraud Office: Osofsky backs government’s plan for new ‘failure to prevent’ fraud offence

    Financial Crime

    The director of the UK’s Serious Fraud Office (SFO) has backed plans for a new ‘failure to prevent’ fraud offence, after government ministers today confirmed the offence would make its way on the statute books. SFO chief Lisa Osofsky said government plans to introduce a failure to prevent offence for fraud has the “potential to [...]

  • Glencore to pay £147m over Democratic Republic of Congo corruption claims

    Glencore

    Glencore has agreed to pay $180m (£147m) to the Democratic Republic of Congo (DRC) to settle “all present and future” lawsuits arising from the large-scale international bribery scandal currently facing the firm.   In a statement, Glencore said the $180m deal acts to settle any existing or future claims relating to the corruption allegations surrounding [...]

  • Lisa Osofsky to step down as SFO director in August 2023

    SFO

    Lisa Osofsky is set to leave her position as director of the UK’s Serious Fraud Office (SFO) in August 2023 after completing a five-year stint at the fraud investigation agency. Osofsky told staff she will serve her full tenure before leaving the agency, according to an internal message sent out by the SFO chief. In [...]

  • Glencore told to pay £281m over international bribery scandal

    November 3, 2022

    A London judge today told a UK subsidiary of Glencore to pay a total sum of £281m over an international bribery scandal that saw its staff pay almost $29m (£25.6m) in bribes to officials in Africa. At a sentencing hearing today, Judge Peter Fraser said a “culture” of bribery was “endemic” within Glencore’s West Africa [...]

  • Glencore execs used private jets to fly cash bribes to Africa, court hears

    November 2, 2022

    Glencore executives used private jets to fly millions of dollars in bribes to officials in Africa to boost their oil trading activities, a London Court heard today. Traders on Glencore’s London-based West Africa trading desk organised to have bribes, which were withdrawn from the commodity trader’s offices in Switzerland, flown to officials in Cameroon and [...]

  • Union to ballot 150,000 civil servants on plans for public sector strike

    September 26, 2022

    The public sector workers’ union is set to ballot more than 150,000 civil servants on plans to strike over pay and working conditions. The Public and Commercial Services Union (PCS) said it is urging its members in 214 government departments to vote in favour of taking industrial action, after the UK government set out plans [...]

  • UK reduced card fraud losses by £49m, the highest in Europe for third year running

    September 6, 2022

    The UK reduced card fraud losses by £49m last year, meaning for the third year in a row it was had the highest in Europe. Only Britain, Hungry Sweden and Denmark improved their card fraud losses in the last 12 months, while Portugal and the Netherlands with the biggest offenders, exceeding 15 per cent losses.  [...]

  • Serious Fraud Office to call for overhaul of disclosure regime following trial issues

    September 4, 2022

    THE UK’s Serious Fraud Office (SFO) is pushing for the UK’s current disclosure framework to be reformed and brought into the 21st century, City A.M. has learned. The head of the fraud agency, Lisa Osofsky, is expected to use a speech in Cambridge tomorrow to call for an overhaul of the current disclosure regime, which [...]

  • City Exclusive – SFO’s ‘unique skillset’ will be needed to tackle UK’s worsening fraud epidemic, Lisa Osofsky says

    September 2, 2022

    The director of the UK’s Serious Fraud Office (SFO) has said the agency’s skillset will be needed to combat the mounting levels of increasingly complex and high-value frauds facing the UK’s court system. The letter comes in response to reports in this paper showing the number of fraud cases reaching the UK Crown Courts dropped [...]

  • Fraud prosecutions slowed by record Crown Court wait times

    August 30, 2022

    THE UK’s Crown Court backlog is stalling efforts to tackle the UK’s worsening fraud epidemic, according to new research from KPMG.   The value of frauds worth more than £100,000 reaching the UK’s Crown Courts increased 288 per cent, from £137.4m in the first half of 2021 to £532.6m in H1 2022, as a series [...]

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