The Serious Fraud Office plans to offer deals to businesses that self-report suspicions of financial crime.
Britain’s top anti-graft agency will announce this week that firms can discuss deferring prosecutions if they are honest by coming forward with potential issues. The new rules will apply in all but exceptional scenarios.
‘The criminal penalties will be significantly bigger if you try to bury your skeletons,’ SFO boss Nick Ephgrave – a former Met Police assistant commissioner – will warn.
He will also tell businesses tempted to ‘ignore issues in the hope they go away’ that ‘this gamble has never been riskier’.
Own up: The Serious Fraud Office will announce that firms can discuss deferring prosecutions if they are honest by coming forward
Under a deferred prosecution agreement (DPA), firms are able to avoid prosecution but still face big fines. There have been 12 deals since they were introduced in the UK in 2014, raising £1.7billion for public coffers, the Sunday Times reports.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .