Serious Fraud Office to let firms avoid prosecution if they flag up suspected crime

UK anti-financial crime agency's change in guidance hopes to induce more firms to step forward and report suspected wrongdoing

The Serious Fraud Office (SFO) has said it is prepared to let companies avoid prosecution if they self-report suspected financial crime and cooperate with investigators, in an important change to its previous guidance.

The SFO, which investigates complex financial crimes, fraud and corruption, said companies that flag potential breaches would be offered the chance to negotiate a deferred prosecution agreement" (DPA), apart from in some exceptional" circumstances.