Serious Fraud Office: Prosecutions for Fraud and Bribery

8. What steps she is taking to help the Serious Fraud Office investigate and prosecute fraud and bribery.

Mr Speaker, you may remember that the SFO successfully prosecuted Glencore Energy UK Ltd and that the total amount the company will pay—£280 million—is the highest ever ordered in a corporate criminal conviction in the United Kingdom. We continue to work closely with the SFO to identify any policy changes that could support its ambitions.

My constituents want to see the Government crack down on corporate criminality. What measures are the Government considering in the Economic Crime and Corporate Transparency Bill to address corporate crime?

I am grateful to my hon. Friend for his interest. The Government recognise that the current law does not go far enough. That is why we have committed to addressing the need for a new “failure to prevent” offence in the Economic Crime and Corporate Transparency Bill. In addition, we are introducing a provision to extend the SFO’s pre-investigation powers.