The Serious Fraud Office (SFO) has published its Annual Report for 2024-25 outlining the SFO's performance, strategic objectives, and financial activities over the year. The report highlights the SFO's commitment to combating serious financial crime while maintaining transparency and accountability in its operations.

In 2024-25, the SFO implemented a new five-year strategy focusing on enhancing its workforce, technological capabilities, and international co-operation. The SFO opened eight new investigations, conducted four major operations, and charged 11 individuals in significant cases, including those involving Glencore and Axiom Ince. It also secured over £1.3 million in proceeds of crime and issued its first Unexplained Wealth Order.

The SFO made advances in technology, completing a pilot of Technology Assisted Review to improve document disclosure and procuring a new case management system. These advancements aim to enhance the efficiency and effectiveness of investigations.

Looking ahead, the SFO plans to continue its strategic initiatives, focusing on workforce development, technological innovation, and international collaboration. They will also conduct a mid-point review of its five-year strategy to adapt to any changes in its operating environment.

With a budget of nearly £100 million it might be considered disappointing there have been no DPA's since 2023 and very few prosecutions. It may well be the case this report will provide further fuel to those who believe a substantial overhaul of the SFO is required, including consideration being given to bringing it under the wing of the National Crime Agency.

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