Former Attorney General Robert Buckland called on Parliament to conduct an “urgent and thorough investigation” into the role of the Serious Fraud Office (SFO), Britain’s main financial crime unit.
The MP called for parliamentary oversight to “make sure we don’t repeat the mistakes of the past.”
Mr. Buckland made the call as a keynote calling for radical reform of the organization, arguing that the problems stemmed from “cultural and institutional shortcomings.”
Mr Buckland said he has not yet decided on the future of the UK’s anti-fraud system.
The report, published by the Institute for Economic Relations think tank, calls for expert panels to replace jurors in complex fraud cases.
It has even been argued that the SFO could be abolished entirely and its responsibilities shared among other existing law enforcement agencies.
Dr James Forder, author of the report, said England and Wales’ anti-fraud measures were “in crisis”.
“Effective fight against serious fraud [essential to] is a global business hub, but in England and Wales this aspect of law enforcement is in crisis,” he said.
“Law and legal processes have not kept pace with the growing complexity and scale of modern business. This requires serious and urgent attention.”
He believes that SFO “has fallen well below the standards that can be expected and demanded of it for decades” and that “a radical restructuring is now needed,” he said.
An SFO spokesman said: “We will not stop fighting serious economic crime. This fiscal year alone, we have successfully prosecuted seven people for fraud and one for bribery in five cases totaling over £500 million involving over 10,500 investors. These criminals were sentenced to a total of 48 years in prison. We have also recovered over £150 million in proceeds of crime on behalf of the taxpayer.”
The report came as the attorney general began searching for a new director for the Serious Fraud Office after its current head, Lisa Osofsky, confirmed she would step down at the end of her five-year term in August.
Attorney General Victoria Prentice, MP for KC, said: “This role offers a unique opportunity to be at the forefront of the UK’s fight against white-collar crime. The next director will lead the SFPO in its mission to tackle serious financial crime, bring justice to victims and protect the UK’s business reputation.
Source: I News
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