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Serious Fraud Office
03 June 2025
Lead MP
David Pinto-Duschinsky
Hendon
Lab
Responding Minister
Lucy Rigby
Tags
Economy
Word Count: 8088
Other Contributors: 8
At a Glance
David Pinto-Duschinsky raised concerns about serious fraud office in Westminster Hall. A government minister responded.
Key Requests to Government:
The Government needs to address both strands of economic crime together and ensure consistent investigation of complex corporate crimes like the JVIP Group collapse. There is a need for more robust 'know your customer' controls and increased investment from law enforcement to tackle cross-country and transnational threats.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Economic crime, including fraud affecting constituents directly and serious crimes like money laundering and bribery, has surged. Between 2010 and 2024, reported fraud cases in the UK more than doubled, making it the most prevalent crime type with over 4 million incidents in 2024 alone. UK Finance estimates that £1.1 billion was stolen by fraudsters last year, including nearly £460 million in authorised push payment scams.
Ben Maguire
LD
North Cornwall
Ben Maguire outlines the impact of fraud on victims, pointing out that only 2% of recorded frauds are referred to local police forces. He proposes establishing a dedicated online crime agency and introducing measures to hold banks accountable.
Hendon
The Serious Fraud Office is undergoing positive changes with new leadership and a five-year strategy aimed at improving its capabilities. The hon. Member for Hendon highlights that the situation of fraud is worsening and calls for a consistent Government strategy to address it.
Deirdre Costigan
Lab
Ealing Southall
Asked about the lack of investigation into the JVIP Group collapse, which affected two constituents. Emphasised the importance of consistent approach to allegations of complex corporate crime and Serious Fraud Office's role in investigating such issues.
Gill German
Lab
Clwyd North
Fraud is the single commonest crime in England and Wales, making up 40% of all crimes against individuals last year. It includes authorised fraud which can be emotionally traumatic for victims.
Helen Grant
Con
Maidstone and Malling
In her speech, Helen Grant highlighted the Conservative Government's efforts in tackling economic crime through legislation such as the Economic Crime (Transparency and Enforcement) Act 2022 and the Economic Crime and Corporate Transparency Act. She also asked several questions to the Minister about steps being taken to improve SFO prosecutions and the effective implementation of Companies House powers.
Jim Shannon
DUP
Strangford
There were more than 5,200 reports of fraud in Northern Ireland with losses approaching £19 million. The region also faces issues related to former paramilitary groups involved in illegal activities and holiday scams.
Joe Powell
Lab
Kensington and Bayswater
Emphasised the need for sustained political and financial backing from Government to help the SFO achieve its potential, and called for cross-Government work on preventing economic crime. Asked about the impact of recent US policy shifts on international bribery cases.
Confirmed that the SFO is monitoring changes in US policies regarding international bribery and corruption.
Government Response
Lucy Rigby
The Solicitor General
Government Response
The Government are determined to stamp out fraud, bribery and corruption which undermine economic security and prosperity. The Minister highlighted that the Government support the Serious Fraud Office in its core mission of protecting economic security and integrity of the UK as a leading international financial centre. The Government have published a new anti-corruption strategy and are developing an expanded fraud strategy, focusing on enhanced data sharing, monitoring AI, tackling fraud's impact on businesses and growth, improving victim support and public awareness. The SFO is committed to using the corporate criminal offence once it comes into force in September. Public sector fraud protection will be improved by the Public Authorities (Fraud, Error and Recovery) Bill, estimated to save taxpayers £1.5 billion over five years. Greater transparency concerning company ownership, assets, and real estate will be prioritised for overseas territories to combat financial crime.
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About Westminster Hall Debates
Westminster Hall debates are a chance for MPs to raise important issues affecting their constituents and get a response from a government minister. Unlike Prime Minister's Questions, these debates are more in-depth and collaborative. The MP who secured the debate speaks first, other MPs can contribute, and a minister responds with the government's position.