SFO Secures First Deferred Prosecution Agreement

After many months of speculation, it was announced today that ICBC Standard Bank Plc ("Standard Bank") has become the first entity in the UK to enter into a Deferred Prosecution Agreement (DPA) with the Serious Fraud Office (SFO). Standard Bank was the subject of an indictment alleging failure to prevent bribery by two executives at Stanbic Bank Tanzania Ltd., a former sister company of Standard Bank, contrary to section 7 of the Bribery Act 2010.

Lord Justice Leveson at Southwark Crown Court approved the DPA, in his judgment today, noting the fact that Standard Bank self-reported within days of identifying the wrongdoing and cooperated fully with the SFO as his first reason for doing so. The terms of the DPA suspend the charges for a period of 3 years and require that Standard Bank pay compensation of US$7m to the Government of Tanzania, financial orders payable to HM Treasury totalling US$25.2m, consisting of a financial penalty of US$16.8m and disgorgement of