The primary factors contributing to the operational failures of the Serious Fraud Office (SFO) and the strategic reforms that can be implemented to enhance its effectiveness in dealing with financial crimes

Tufan, Selcan Sengul 2025. The primary factors contributing to the operational failures of the Serious Fraud Office (SFO) and the strategic reforms that can be implemented to enhance its effectiveness in dealing with financial crimes. Adeyemo, Folashade and Ryder, Nicholas, eds. Unexplained Wealth and Financial Crime: A Global Perspective, London: Routledge, pp. 92-118. (10.4324/9781003396086-6)

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Abstract

This chapter critically examines the operational shortcomings and reform needs of the United Kingdom's Serious Fraud Office (SFO), a central authority in prosecuting complex financial crimes. Through case studies including the failed Tchenguiz prosecution, the successful London Interbank Offered Rate (LIBOR) investigation, and Turkey's handling of Dilan Polat, it identifies persistent weaknesses in the SFO's approach, such as flawed legal procedures, inadequate case preparation, mismanagement of resources, and inconsistent leadership. In contrast, the LIBOR case demonstrates the benefits of robust legal frameworks, international cooperation, and focused strategy, while the Turkish model highlights the impact of swift legal action and public transparency. The chapter further assesses the SFO's reported performance during 2023 to 2024, acknowledging achievements in asset recovery and victim support. However, it raises concerns regarding the agency's growing reliance on deferred prosecution agreements, extended investigation timelines, persistent staffing gaps, and high-profile legal setbacks, including the Eurasian Natural Resources Corporation Ltd litigation. Finally, the chapter examines the SFO's five-year strategic plan, with particular focus on the integration of emerging technologies. Artificial intelligence platforms, such as Quantexa, present significant opportunities for enhancing financial investigations through advanced data analysis and entity resolution. Nevertheless, the chapter argues that such innovative technology must be matched by sustained investment in legal expertise. It concludes that restoring public confidence in the SFO will require more than procedural transparency; it will depend on the agency's demonstrable ability to deliver timely, effective, and legally sound outcomes in the prosecution of serious financial crime.

Item Type:	Book Section
Date Type:	Publication
Status:	Published
Schools:	Schools > Cardiff Law & Politics
Publisher:	Routledge
ISBN:	9781032499307
Last Modified:	19 Jan 2026 12:30
URI:	https://orca.cardiff.ac.uk/id/eprint/184006

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