In a statement last week the Director of the SFO said  over 20 companies had Self Reported to the SFO.  Richard Alderman said he was pleased with the increasing numbers noting that:

“The process has been a success and we have had over 20 corporations coming to us to report.”

The figure marks a large increase on previous numbers.  Speaking to the Financial Times less than a year ago (in August 2011) Mr. Alderman reported that only 10 companies had Self Reported in the preceding two year period.  In other words, the same number of companies have reported in 7 months than previously reported in 24 months.

Since then the SFO have confirmed that they have learned a few lessons.  We were the first to break the news in November that the SFO is looking to update the Self Reporting guidance first published in 2009 following the entry into, and in light, of the Bribery Act.

Speaking last week the Director of the SFO confirmed that the SFO’s practice in connection with Self Reports has moved on since originally published.

Time for the publication of new rules

With slashed budgets the SFO will be increasingly reliant on Self Reporting and co-operation.  It is a key determinative factor in the context of obtaining a civil (as opposed to criminal) outcome.

Opinion

As we said in November the self reporting guidance initially published in 2009  needs an overhaul in light of the Bribery Act.  Mr. Alderman’s confirmation that SFO practice has changed must now be widely communicated to corporations.

Image © Crown Copyright 2012