UK E&Y Expert David Stulb: Serious Fraud Office Is Getting Serious

When the UK Bribery Act was enacted almost three years ago, it was widely seen as a new beginning in the UK authorities’ fight against bribes and corruption. As yet, however, surprisingly little legal action has been taken under the law. This, Ernst & Young’s David Stulb says, is about to change.

The UK Bribery Act has been in force for almost two years now. As yet, however, little legal action has been taken under the landmark legislation, causing some observers to criticise the enforcement agency, the Serious Fraud Office, of ineffectiveness. But if David Stulb, Global Leader, Fraud Investigation & Dispute Services at professional services firm Ernst & Young, is right, those critics will soon be silenced. “David Green, the new head of the SFO who is coming up to his first year anniversary, has been pretty aggressive in saying that they will enforce this,” he says.

Increased aggressiveness

The new aggressiveness is likely to have direct ramifications for a significant number of UK businesses. “We’re familiar with at least half a dozen large cases they are looking at right now,” Stulb says. “And I understand from speaking with [other market participants] that they are about 15 cases.” An escalation from investigation to prosecution seems likely in at least a few of these cases.”