Serious Fraud Office: Economic Crime

Since April 2020, the SFO has recovered over £550 million from criminals for the UK taxpayer, but this Government want to go further and are investing millions in expanding the SFO’s capabilities. Under our plan for change, we will crack down on fraud and ensure that crime does not pay.

I welcome the Serious Fraud Office’s first use of an unexplained wealth order to return more than £1 million that had been stolen from the public. How will the Solicitor General support efforts to expand the use of unexplained wealth orders to target those criminals who have defrauded innocent victims?

On 9 September, the Serious Fraud Office secured £1.1 million from the sale of a Lake district house in an investigation involving its first use of an unexplained wealth order, connected to the assets of the wife of convicted fraudster Timothy Schools. This innovative use of the legislation showcases the SFO’s resolve to pursue criminal assets wherever they are hidden and explore new methods to recover funds for victims and the public purse.

One way the Serious Fraud Office can be made more effective is through access to more registers of beneficial overseas interests. We know that fraudsters, tax dodgers and crooks are exploiting the financial secrecy in those territories to hide their ill-gotten gains. Does the Solicitor General agree that this would empower the Serious Fraud Office to secure more prosecutions for economic crime, get dodged taxes back to the Treasury and let us invest more in public services in North Norfolk?

I am grateful for that question. The Serious Fraud Office is constantly looking at ways to clamp down on fraud and economic crime. For example, the SFO is committed to working more closely with French and Swiss partners through the international anti-corruption prosecutorial taskforce, to ensure that we are robustly tackling cross-border economic crime, and to protect our future prosperity as part of our plan for change.