Overview
Global Investigations Review quoted Zoe Osborne in a December 8 article titled "Finding Companies Guilty of Financial Crime Not a 'Holy Grail.'" The article covered a panel discussion at the GIR Interactive: Europe that addressed UK agencies' apparent desire to pursue criminal prosecutions when there are civil and regulatory alternatives that can achieve similar results where authorities would not have to reach as high an evidential standard.
Osborne likened agencies' choice between regulatory and criminal action to the question surrounding the purpose of prisons. "Is it to put people away, is it to make people learn their lessons, is it to remediate actions?" she said. "I think it's similar with the [Serious Fraud Office] SFO – is the prosecution there to put directors in prison, or is it there to clean up industries?"
Osborne noted the "eye wateringly expensive" compliance programs that often accompany corporate prosecutions and deferred prosecution agreements, and the increased press scrutiny following a corporate prosecution that can prompt whole industries to ensure their internal controls are shipshape. "Maybe we should be satisfied with the fact that it is making a huge impact and major inroads in cleaning up corporate compliance," she added.
The full article can be read at Global Investigations Review (subscription required).
