§ Mr. KidneyTo ask the Solicitor-General what contribution the Serious Fraud Office is making to the Government's objective of reducing money laundering. [40760]
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§ The Solicitor-GeneralThe Serious Fraud Office investigates and prosecutes offences involving serious or complex fraud. It also pursues related laundering offences. It is investigating or has prosecuted seven cases involving money laundering offences (under the Criminal Justice Act 1988) in the last five years. The Serious Fraud Office also assists foreign competent judicial authorities with requests for information and the gathering of evidence via the UK Central Authority thus serving as an important part of the global deterrent against money laundering.
In many cases, financial gains are illusory or have long since been dissipated but whenever it is appropriate and practicable, the SFO will pursue proceeds during the investigation and these may be confiscated by the trial judge for distribution to creditors and investors. In addition, liquidators or administrative receivers can pursue recovery through civil proceedings.