Eoin O’Shea, Nicola McLeod & Alex Beal say the SFO will have to reconsider penalties for bribery
The Serious Fraud Office (SFO) published guidance entitled, Approach of the Serious Fraud Office to Dealing with Overseas Corruption, on 21 July 2009. The guidance encourages self-reporting of corruption offences by corporate entities. It provides for the possibility of a “global settlement” with the SFO where liability arises in another jurisdiction, and makes plain the SFO’s willingness to negotiate on the subject of penalties. It also makes plain that in the right circumstances (such as self-reporting and co-operation with the SFO’s investigation, as well as a commitment to reform of corporate practices and procedures) the SFO would recommend that only civil penalties be imposed (pursuant to its powers under Pt 5 of the Proceeds of Crime Act).
On the other hand, the guidance makes clear that, in the absence of cooperation and self-reporting, companies paying bribes should not expect leniency. The chances of a criminal prosecution are increased. The
