First UK Deferred Prosecution Agreement Agreed By SFO

At a hearing on November 30, 2015, Southwark Crown Court approved the first deferred prosecution agreement (DPA) in the UK. DPAs have been available for use by the Serious Fraud Office (SFO) since February 2014, following their introduction in the Crime and Courts Act 2013. Lord Justice Leveson approved the DPA proposed by the SFO with London-based ICBC Standard Bank (the Bank). The Bank had been the subject of an indictment alleging failure to prevent bribery contrary to section 7 of the Bribery Act 2010. In agreeing the DPA, the Bank accepted responsibility for failing to prevent bribery and agreed to pay penalties totaling $32.2 million, as well as to an independent review of its anti-bribery policies.