Corporate Crime update – March 2021

Welcome to the March 2021 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

Supreme Court hands down judgment in SFO’s case concerning the extraterritoriality of section 2 powers – Appeal of KBR is allowed

The Supreme Court has today handed down judgment in the case of R (on the application of KBR, Inc) (Appellant) v Director of the Serious Fraud Office (Respondent) [2021] UKSC 2 concerning whether the Serious Fraud Office (“SFO”) can require a foreign company to produce documents held overseas, pursuant to its investigation powers under section 2(3) of the Criminal Justice Act 1987 (“CJA”). Read more

Corporate Crime update – November 2020

Welcome to the November 2020 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

Airline Services Limited – “SFO Secures Third DPA of 2020”

On 30 October 2020, Mrs Justice May, sitting in the Crown Court in Southwark, approved the UK’s ninth deferred prosecution agreement (“DPA”) between the UK Serious Fraud Office (“SFO”) and Airline Services Limited (“ASL”) (read the SFO press release here). The investigation was only made public on 22 October 2020 after the SFO announced that a DPA was reached in principle at a private hearing held the previous day before Mrs Justice May. Read more

FCA prohibitions highlight increasing focus on non-financial misconduct

On 3 November, the FCA prohibited three individuals from working in the financial services industry following findings that they are not fit and proper. The three individuals were all approved persons at the time that they were convicted of serious indictable offences. These Final Notices confirm a trend we identified in our recent Top 10 Global Trends Regarding Investigations Involving Individuals: an increasing focus on non-financial misconduct. Read more

UK Supreme Court to decide on SFO’s extraterritorial powers

Two years have passed since the High Court decision in R (On The Application Of KBR Inc) v The Director of the Serious Fraud Office [2018] EWHC 2368 (Admin) (“KBR”) (see our summary of the decision here). Yesterday, the Supreme Court heard KBR’s appeal (“Appeal”) against that ruling, which had determined that the Serious Fraud Office (“SFO”) can require a foreign company to produce documents held overseas, pursuant to section 2(3) of the Criminal Justice Act 1987 (“CJA”). Lord Pannick QC represented KBR Inc and Sir James Eadie QC represented the SFO. Read more

Lisa Osofsky re-examines the priorities of the SFO at the Cambridge International Symposium on Economic Crime

On 7 September 2020, Lisa Osofsky, the Director of the Serious Fraud Office (SFO), delivered a keynote address at the Cambridge International Symposium on Economic Crime. In light of Covid-19, this year’s speech was delivered virtually, via YouTube. In her speech, Ms Osofsky re-examined the four key priorities that she outlined at her first address to the Cambridge International Symposium on Economic Crime in 2018 and referred to a number of new developments which she said would affect the SFO’s future work. Read more