The UK Serious Fraud Office (SFO) have issued guidance that clarifies that if a corporate self-reports suspected wrongdoing and co-operates fully with investigators, it can expect to be invited to negotiate a Deferred Prosecution Agreement (DPA) rather than face prosecution.
Whether a DPA applies is a judicial decision, but a key consideration is how promptly, after the fraud was uncovered, the company then self-reports. The guidance makes clear that “waiting for an internal investigation to conclude” is not an excuse to delay reporting.
SFO Director Nick Ephgrave put it in these terms at the Guidance launch event on 24 April. “As soon as you have reasonable suspicion – it doesn’t have to be ‘beyond reasonable doubt’, doesn’t have to be ‘on the balance of probabilities’, just reasonable suspicion you’ve got some offending going on – that’s the point at which you stop, that’s the point at which you talk to us.”
The guidance also includes details on how to report, including a secure online self-reporting form.
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