SFO boss wishes for better crime definitions

The work of the Serious Fraud Office in reducing financial crime could be improved if ‘recklessness’ was introduced as an offence, the investigator’s outgoing director has said.

Richard Alderman said a crime of recklessness would have to show an individual had the necessary knowledge and intent of pursuing a course of action, despite knowing the risks attached to this.

He said: “The public does not understand why it is that enforcement authorities such as the SFO have been unable to take action against senior financial people. They contrast the SFO with the US system.”
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The SFO presided over several high-profile cases during 2011 including the start of an investigation into the collapse of the Kaupthing Banking Group ...