Commercial Fraud Investigations and Fraud Risk Management Consultancy
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Commercial Fraud Investigations and Fraud Risk Management Consultancy |
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Fraud Investigation & Recovery Service
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SFO Announcement on Dealing with Overseas Corruption The SFO have announced that that they have set up a separate work area, the Anti-Corruption Domain which will be responsible for, amongst other things, the identification, investigation and prosecution of overseas corruption. They have already had success in prosecuting a UK lawyer and obtained pleas from a number of corporate organisations in respect of overseas corruption. With the setting up of this department the SFO are looking at aggressively enforcing the current anti-corruption laws and that of the Bribery Bill when it is enacted. However, the SFO has also announced that they are introducing a system of self reporting which will provide, in appropriate cases, for a civil outcome rather than a criminal conviction. This approach provides significant benefits for corporate bodies who may find themselves, unwittingly or otherwise, involved in overseas corruption. What this means to your organisation. If you are involved in any overseas operations you are at risk that your management or employees may participate in activity that may be deemed to be corrupt. You may have already discovered it through an internal audit or as a result of due diligence for a merger or acquisition. Rather than wait for the SFO to come knocking at your door, there is now an opportunity for you to self report any corrupt activity in return for a possible negotiated settlement. Otherwise you could face a criminal prosecution and the subsequent sanctions. However there are conditions for a negotiated settlement for which the SFO recommend you seek the advice of a professional who understands their approach to such cases. Understanding the SFO Approach Our job is to determine whether self reporting is the right approach for your organisation. We will do this by assessing the benefits of this approach against the risks of not taking the self reporting route. This will include regulatory, reputation and financial impact. We will determine the appropriate strategy that meets the needs of your organisation. We will facilitate the investigation into the alleged corruption and, if appropriate, liaise with the SFO and present your case an acceptable form that will allow a negotiated settlement. We will also facilitate the remedial action that the SFO will expect as part of the negotiated settlement, which will include cultural change and training. Why Instruct Us? The SFO recommends using professional advisers who are knowledgeable of their approach to such cases. In this respect our principle advisor has 13 years experience working with the SFO, sitting on the Case Review Board and a total of 27 years working for the Metropolitan Police for who he set up the Fraud Squad and attaining the rank of Detective Superintendent. This is augmented by some 30 years commercial and international experience of our principle investigator, a Certified Fraud Examiner, who, having worked at corporate board level, is cognitive of the impact fraud investigations can have on commercial organisations. Additionally, we have developed a Fraud Risk Management programme encompassing Governance, Risk Assessment, Prevention and Detection, and Investigation and Recovery, significant elements of which relate directly to the SFO requirements for self reporting and a negotiated settlement outcome. With access to a network of Certified Fraud Examiners in almost 40 countries we are able to utilise local knowledge and expertise when dealing with international fraud cases. When should we be bought in? If you have recently been made aware of a case of overseas corruption occurring in your organisation, you need to contact us now. If you operate abroad, but are not aware of any specific allegations, then you may well want to bring us in sooner rather than later so that we can mitigate the risk of corrupt practice occurring, while ensuring that you are prepared in the event that any corrupt activity subsequently comes to light. If you are considering, or in the process of, any merger or acquisition, or entering into any strategic or trading partnership with an overseas entity, then you should consider us as part of your due diligence team. If you simply want to present your organisation as a good corporate citizen and implement best practice in relation to dealing with fraudulent or corrupt activity, we can advise on and facilitate this goal any time. What else should I consider? Generally speaking, we will work with your own legal, financial and PR/corporate communications advisers, as well as your own management team including compliance personnel, HR and IT departments, etc.. However, this may not always be appropriate and we have partners that provide these services, as well as specialists for all aspects of forensic investigations. Fees and Charges Like most professionals we work on a time charged basis with a scale of fees depending on the seniority and expertise of the person involved and the type of work carried out. |
