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Brexit must not hinder fraud investigations, UK watchdog warns

By Tom Carnegie, 17 Jan 18

Brexit must not interfere with the way criminal professionals are pursued throughout the UK and Europe, the head of the UK’s Serious Fraud Office (SFO) has warned.

Brexit must not interfere with the way criminal professionals are pursued throughout the UK and Europe, the head of the UK's Serious Fraud Office (SFO) has warned.

David Green, SFO head, said in an interview with Sky News, that it is crucial cross-border investigations into bribery and fraud continue after Brexit.

Business as usual

Green said the continuance of investigations will depend on the SFO being able to maintain a working relationship with EU investigators after the two jurisdictions split.

“I am sure enforcement will continue, but other aspects – such as extradition, arrest warrants and investigation orders – will depend on the sort of co-operation that is presently framed within EU regulations.

“I am sure all that will be dealt with because it is in everyone’s interest that some kind of structure like that is maintained,” Green told Sky News.

Major hurdle

The main obstacle to catching foreign money launderers at present, according to Green, is proving they have committed a crime in the first place, because it relies on information and support from other jurisdictions.

Green said progress had been made to tackle this obstacle, but the process had been “very frustrating at times”.

“It is in everyone’s interest not to have dirty money around the place because it brings with it corruption and criminality,” he said.

According to multiple media reports, the government is currently on the hunt to find a replacement for Green, who will step down in April.

In September last year, prime minister Theresa May failed to get a parliamentary majority to abolish the SFO and hand its responsibilities to the National Crime Agency.

Tags: Brexit | Serious Fraud Office

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.