Oral Answers to Questions

Debate between Jerome Mayhew and Alex Chalk

Thursday 26th May 2022 Commons Chamber

[James Sunderland (Bracknell) (Con)]

6. What assessment she has made of the Serious Fraud Office’s ability to tackle serious economic crime in 2022-23.

[The Solicitor General (Alex Chalk)]

In the past five years, the Serious Fraud Office has secured reparations for criminal behaviour from organisations it has investigated totalling over £1.3 billion. That sum is over and above the cost of running the SFO itself. In addition to recent convictions leading to fines and confiscation orders totalling more than £100 million, just this week Glencore Energy has indicated that it intends to plead guilty to seven bribery counts brought by the SFO in relation to its oil operations in Africa.

[Jerome Mayhew]

Serious fraud is too often conducted by the powerful and the rich, which makes it hard to investigate, difficult and complex. That is equally the reason why we must focus on this area above all to demonstrate equality before the law. Will my hon. and learned Friend say how many fraud trials the SFO will conduct this year, and the estimated value of those fraud cases? Does he have a plan to increase that number?

[The Solicitor General]

My hon. Friend is absolutely right. We cannot have a situation where, just because the fraud is complex, it is beyond the reach of the law. That is why I am pleased that this year the SFO is taking forward seven prosecutions involving 20 defendants on a total of 80 counts, comprising alleged fraud valued at over £500 million. The alleged frauds include investment fraud, fraudulent trading and money laundering.