Welcome to our sixth annual SFO Enforcement Review.
In this review, we examine the SFO's activities in its second year under the leadership of its Director Nick Ephgrave QPM.
This year the SFO announced investigations into Blu 3, Mace Group, Rockfire Investment Finance Plc and Basis Markets respectively.
These new investigations concern suspected domestic and cross-boarder fraud. This suggests that the SFO is not limiting itself (as some observers presumed) to investigating domestic fraud and that it remains committed to upholding its pledge to partner with foreign counterparts in its investigations.
This year also saw the SFO secure a guilty plea from one individual as part of its investigation into global aviation supplier AOG Technic.
The SFO published updated Guidance Co-operation and enforcement guidance for Corporates. This year also saw notable activity from the SFO in relation to the proceeds of crime, which included the SFO securing its first unexplained wealth order.
We examine all of this (and more) in this year's SFO Enforcement Review and offer our thoughts on what corporates and individuals can learn from the SFO's decision making in 2025.
We also look ahead to 2026 which promises to be a busy year for the SFO as it prosecutes three trials and continues to investigate ongoing cases.