Commons Sense

House of Commons · Ministers' Questions

Fraud and Economic Crime

Thursday 24 March 2022 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Economic crime is highly complex and involves prosecuting individuals for fraud and forgery.
  • The CPS prosecuted 7,609 defendants where fraud and forgery were the principal offence in the year ending September 2021.
  • The SFO secured three deferred prosecution agreements in 2021 and plans to take seven trials involving 20 defendants to court in 2022.

Topics (select to filter)

Questions & Answers

Q1 Kate Osamor Labour (Co-op) Edmonton and Winchmore Hill
Justice & Courts
Context

Fraud and economic crime are complex issues, with specific data points on prosecution outcomes.

Question

What steps she is taking to increase the effectiveness and efficiency of the Serious Fraud Office and Crown Prosecution Service in tackling fraud and economic crime?

Answer from Suella Braverman

Economic crime is highly complex. In the year ending September 2021, the CPS prosecuted 7,609 defendants where fraud and forgery were the principal offence, with a conviction rate of 84.9%. As for the SFO, it performed strongly last year: in 2021, it secured three deferred prosecution agreements, including one with Amec Foster Wheeler Energy Limited involving a financial settlement of £103 million. Furthermore, it successfully prosecuted GPT Special Project Management and Petrofac, resulting in just over £100 million in financial penalties.

Partly answered

Not addressed: Specific steps to improve effectiveness and efficiency were not detailed

How: Economic Crime Is Highly Complex.

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Q2 Kate Osamor Labour (Co-op) Edmonton and Winchmore Hill
Justice & Courts
Context

Between 2013 and 2019, the SFO secured convictions against five corporations out of 43 investigations. The questioner asks if this track record is acceptable.

Question

Does the Attorney General regard that as an acceptable recent track record for the Serious Fraud Office? If not, how does she plan to change it?

Answer from Suella Braverman

The hon. Lady makes an interesting point. Just yesterday I met the director of the Serious Fraud Office; I am glad that this year looks like a very active year. The SFO is taking seven trials involving 20 defendants to court in 2022, and will be pursuing those convicted to ensure that funds from criminal conduct are confiscated and victims are rightly compensated. The estimated value of fraud across all seven trials this year is more than £540 million in a number of jurisdictions. That is a great amount of work, and something we should all be getting behind.

Partly answered

Not addressed: Specific plan to improve SFO's effectiveness not detailed

How: The Hon. Lady Makes An Interesting Point.

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