Email your news and story ideas to: [email protected]
SFO incomes increases from asset seizures
The Serious Fraud Office (SFO) is boosting its income through assets seized from successful investigations, according to new research from London.
Ad hoc funding for fraud cases
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
The organization saw a 62 per cent increase last year from £4.1 million to £6.6 million, according to law firm Pinsent Masons which compiled the data.
The SFO, which has had its budgets cut by around £16 million in the last five years to its current level of £38.7 million with another fall to £33.3 million next year, is allowed to keep some assets seized as a results of its investigations through the Treasury’s Asset Recovery Incentivisation Scheme (ARIS).
Ad hoc funding
However, the UK Government has agreed to provide ad hoc funding for large cases including extra funding for a probe into LIBOR issues. Pinsents partner Barry Vitou says that the £2.5 million increase in the SFO’s income from the asset recovery scheme only just makes up for ongoing cuts to the SFO’s operating budget which was cut by £1.2 million in the same period. He said that whilst ad-hoc funding was welcomed, “SFO funding must be consistent and sufficient to enable the SFO to plan ahead with confidence.”
