The UK Serious Fraud Office (SFO) announced earlier this week that it has created a “whistleblowing” hotline called SFO Confidential to help it address suspect business practices and to ensure that companies are adhering to the requirements of the UK Bribery Act.
“Company executives, staff, professional advisors, business associates of various kinds or trade competitors can talk to us in confidence,” said Richard Alderman SFO director, in a statement. “I want whistleblowers to feel comfortable about it and use SFO Confidential to help flush out fraud.”
The Financial Times reported this morning that the move is to help address the drop in funding at the SFO (£34m this year compared with £53m in 2008).
CO3 believes that this development underlines the importance of disclosing listed company procedures to address the UK Bribery Act on corporate websites (in line with the Guidance published by the Ministry of Justice in March 2011), within annual reports and information aimed at investors. Support, advice and guidance on this important area can be obtained by contacting us applying the details on this website.
