Serious Fraud Office requests ‘blockbuster’ funding

Topics: Money laundering and financial crime,Government & politics

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  • Robert Buckland

The Serious Fraud Office (SFO) has asked the Treasury for extra funding amounting to 60% of its budget to pay for major investigations.

A written ministerial statement by solicitor general Robert Buckland QC (pictured) said the SFO is also asking for a cash advance of £15.5m from the contingencies fund to meet ‘an urgent cash requirement for existing services’ to tide it over until parliament approves the full £21.1m of extra funding. 

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The request for the 'blockbuster' funding comes in addition to a £10m top-up the fraud agency has already received this year.  

The latest request amounts to more than 60% of the SFO’s £33.8m budget for the 2015-2016 financial year. Along with the additional £10m, this puts the agency’s budget at almost double what was originally allocated.

If the funding request is granted, this will leave the fraud agency’s annual budget set to hit £64.9m this year, up 13% from the £57.4m the agency received last year.

Buckland said that the funding would be used to cover the cost of ‘significant investigations and the settlement of material liabilities’.

The application for additional funding comes days after the office announced that it will next month charge 11 individuals accused of rigging the Euribor interest rate. 

Other ongoing investigations include alleged bribery at engineering group Rolls-Royce, claims of overseas corruption at GSK and a probe into commercial arrangements between Barclays and Qatar Holdings.

Readers' comments (7)

  • yes, but will they then start actually investigating something

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  • Thats not what they are supposed to do.

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  • I make you right there

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  • truth hurts

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  • Their role is to reach plea bargains with very rich Law Firms and their clients.

    That is why we have an hourly rate of a tyre fitter for regulatory work, so that there is no opposition to the state and most certainly not a designated prosecution body of thus.

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  • Rolling on the floor laughing !

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  • But now they've banned injury claims surely there won't be any more fraud?

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