The annual report of the Serious Fraud Office for 5 April 2000 to 4 April 2001 was laid before Parliament today.
Key points:
24 trials involving 57 defendants were concluded during the year; a record. (Previous five-year average = 14). Convictions were achieved in 23 of these trials.
Conviction record during the year was 93 % of defendants tried. (The overall SFO conviction rate is 70%).
At the report year-end the SFO had 70 cases under investigation or going through the courts. These represent a total sum at risk of £1.6 billion.
As part of its Service Delivery Agreement, the SFO is to increase its number of cases to 110 by 2004.
The SFO is increasing its number of lawyers and investigators to compensate for a shortfall in number of Police officers being allocated to fraud investigations. Increased staffing is also planned in order to prepare for a bigger case-load.
SFO Director Rosalind Wright chaired the "Improving the response to fraud" working group. Ministers have accepted the group's recommendation to increase SFO funds and number of cases (to 110 by 2004). The working group is also examining the feasibility and cost of establishing a national Police fraud squad. It's report to Ministers is expected in September.
Commenting on the past year, Rosalind Wright the Director said:
"Twenty-four trials, a record, has made it a very busy year. It is encouraging to see that our conviction success rate remains high. A successful year however does not mean we can now relax; the work is unremitting. We intend to take on more cases and we will increase our staff numbers and other resources to meet the challenge. I would like people who commit large-scale fraud to know that they run a real risk of being caught, successfully prosecuted and convicted for their crimes. I believe that there is now a wide acknowledgement that the SFO is effective in its fight against fraud and we are committed to ensuring that it should continue".
Notes for editors
1. To help you navigate the annual report more quickly:
- Page 1. The letter from the Director to the Attorney General is a summary of progress and a pointer to the major issues facing the SFO.
- Page 4. The Review sets out the year's developments and issues in more detail. In particular, the overview on page 5 outlines the key features.
- Page 12. Management, staffing and support. This section is about resources and looks at how the SFO is geared up to deliver its objectives.
- Page 22. Key facts and figures are given about the SFO's cases and other aspects of the SFO delivery.
- Page 28. A summary of cases completed during the year and of cases where proceedings are still underway and trials yet to take place. Some of these cases are treated in detail as case studies.
2. The embargo is imposed on the basis that the annual report will not be laid before Parliament until around 3.30 p.m. today.
3. Press Office contacts: Tel: 020 7239 7000/7001/7004/7190
