SFO spotlight on construction sector
The construction sector has recently come under the spotlight following comments made by the director of the Serious Fraud Office (SFO) that it is one of the key industries facing increased levels of scrutiny as a result of the new proactive and aggressive approach being initiated by the SFO in its longstanding fight against economic crime.
In summary, the SFO is an independent government department that investigates and prosecutes serious and complex economic crime and whose aims include reducing fraud and corruption in order to maintain confidence in the UK’s business and financial institutions. Its role has expanded as a result of the Bribery Act, which came into force in July 2011. Of particular relevance are provisions of the act that make companies and other corporate organisations responsible for bribery committed by their employees unless it can be shown by the companies that they had taken adequate steps to prevent this from occurring…
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