DPAs: who would want one—and what are the alternatives, asks Jonathan Pickworth
On 30 November 2015, Sir Brian Leveson approved a deferred prosecution agreement (DPA) between the Serious Fraud Office (SFO) and ICBC Standard Bank (Standard Bank). It is the first DPA in the UK and in some quarters it is believed likely to be the first of many. Indeed, the SFO tell us that there are several other potential DPAs in the pipeline. The second, which the SFO anticipated by the end of last year, has thus far failed to materialise. However, the more important question remains, who would want one anyway?
The stars in alignment
Much has already been written about the technical aspects of this first DPA. Certainly it appears that the stars were in alignment for this one. This was a case of an isolated bribe, in Tanzania, that was quickly identified and immediately reported both to the National Crime Agency and to the SFO. The self-report was made in 2013, and Standard Bank was later acquired by new owners.
