Businesses and SFO Must Work Together, says London Financial Law Consultant Chris Wakem
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Transcript of Businesses and SFO Must Work Together, says London Financial Law Consultant Chris Wakem
Changing the Relationship Between Businesses and the SFO By Christopher Wakem, Financial Law Consultant, Lightbringer Solutions 30 January, 2014 How can companies and governments work together to fight corruption? In the UK, a logical answer may be to facilitate clearer lines of communication between the Serious Fraud Office and companies. The SFO has taken on more cases to protect against international corruption since the institution of UK Bribery Act in 2011. This legislation allows for prosecution of a company with varying degrees of links to the UK, regardless of where the crime occurred. The weight of dealing with these increased corporate prosecutions prompted the SFO to request more money for the Treasury to keep up with demand. The Treasury has obliged in some cases; for example, more funds were allocated towards the SFO’s investigation into allegations of bribery against Rolls-‐Royce. Investigations on this scale take time and a final verdict on Rolls-‐Royce could be years away. Because of the international scale of these investigations and the time they take, more funding will certainly help the SFO on its crusade. However, there are other cards at play. To effectively identify possible instances of corruption and fraud, the SFO needs to make friends with the companies where such activities may occur. It would be wise for the SFO to encourage companies to self-‐report when fraud is evident. By offering incentives (ex. reduced penalties) for whistle blowers, the SFO may get a leg up on some of these lengthy investigations. This will effectively change the culture and the relationship between the SFO and international companies. More money from the Treasury is always helpful, but a tip can go a long way. Christopher Wakem is a London-‐based legal consultant/contractor who has worked in the independent bar, private practice, and in-‐house sectors. He has obtained law degrees from the University of Sheffield and University College. Mr. Wakem has provide advice in a wide array of matters, both contentious and non-‐contentious, through his company Lightbringer Solutions Ltd. Chris has helped companies large and small establish risk management policies, develop start-‐up procedures, negotiate framework agreements, secure insurance coverage, and deal with Anti-‐Money-‐Laundering and Anti-‐Bribery and corruption matters.