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ENFORCEMENT IN THE UNITED KINGDOM FCPA DIGEST July 2020 35 SERIOUS FRAUD OFFICE In keeping with the focus of this publication, this section will focus on the Serious Fraud Office's efforts to tackle bribery and corruption. Full details of the U.K.'s efforts to tackle white collar crime more generally are available in another Shearman & Sterling publication—UK Business Crime Review. Without a doubt, the Deferred Prosecution Agreement (DPA) concluded with Airbus SE (Airbus) in January 2020 was the most significant outcome achieved by the Serious Fraud Office (SFO) in recent years and the highlight of a largely barren first half of the year. While the current pandemic will account, at least in part, for a lack of announcements on the bribery and corruption front, many long-standing and deep-seated issues that existed long before coronavirus continue to hamper the organization's ability to deliver the frequency of positive outcomes that many expect. In February 2020, in response to a request made under the Freedom of Information Act 2000 (FOIA), the SFO revealed that it had opened just five investigations in 2019—five fewer than in 2018. In the same year, it closed ten investigations without bringing enforcement action against an individual or corporate entity—an increase of one on the previous year. Of course, one investigation is likely to feature multiple suspects, but it is important to bear in mind that these figures relate to all SFO investigations, including those concerning allegations of serious fraud and related offenses. As the SFO was at pains to point out, "the number of cases opened fluctuates year-on-year" and it is understood to have more than 50 ongoing investigations and prosecutions at the current time—some of which may yield impressive outcomes. However, it has only opened less than ten investigations in one other calendar year in the last twelve years and it is a long way from the heights of 2008 when it opened twenty. Furthermore, as of July 2, 2020, the 'court calendar' published on the SFO's website showed that no individual or corporate entity was awaiting trial for bribery or related offenses, and it remains the case that the SFO is yet to secure a conviction for any offense against an individual following the conclusion of a DPA. Recent outcomes also demonstrate that the SFO's woes are not limited to investigations and prosecutions concerning allegations of bribery and corruption. In February 2020, three former Barclays executives accused of funneling secret fees to Qatar in exchange for emergency funding at the height of the 2008 financial crisis were acquitted of conspiracy to commit fraud following a high-profile trial, and in June 2020, the SFO announced that it had closed its investigation into the manipulation of EURIBOR and withdrawn European Arrest Warrants for three German traders and a French citizen. While the investigation led to four senior ex-bankers being convicted for their part in the conspiracy and receiving sentences ranging from four to eight years' imprisonment, several individuals were acquitted or avoided extradition to the U.K. Of course, no-one can sensibly argue that the SFO's task is an easy one. The majority of investigations the organization undertakes are complex and resource-intensive, and usually concern multiple suspects. They invariably require the assistance of overseas authorities and are increasingly conducted in conjunction with other agencies, both in the U.K. and abroad. Most acknowledge that such investigations will take time to resolve and will not always lead to DPAs, prosecutions, or convictions. However, like most other law enforcement and prosecution agencies in the U.K., the SFO is under ever- increasing political and public pressure to improve on its performance. Against this backdrop, it is unsurprising that Lisa Osofsky, who joined the SFO as its Director in August 2018, continues to look for new ways to deliver an increased number of outcomes more quickly through the smarter use of the resources available to her. As we have highlighted in previous editions of Trends & Patterns, securing increased cooperation from individuals and corporate entities is one of the ways in which she believes the SFO can meet her aim. It was therefore to be expected that she would use the Airbus settlement to highlight the benefits of doing so, noting that the company had "admitted its culpability, cleaned its house and come forward to put [the] conduct to bed." In future editions of Trends & Patterns, we will be examining whether Ms. Osofsky's determination to use a broader range of tools to deliver results is bearing fruit. COVID-19 Like all other U.K. regulators, prosecutors and law enforcement agencies, the work of the SFO has been impacted by the current pandemic. In a statement issued on May 7, 2020, the SFO said it "continues to investigate suspected fraud, bribery and corruption, adapting ways of working where necessary to adhere to Government guidance." It continued: The office remains open for staff performing essential functions which cannot be done remotely, but all staff who are able to do so are working from home, utilising remote alternatives to tasks usually completed face-to-face and prioritising work which can be done remotely. In this way, we have been able to continue to follow active lines of inquiry in open investigations, as well as looking into allegations and referrals at the "pre-investigation" stage… Investigations into suspected fraud, bribery and corruption continue, and we are working with our partners in HM Courts and Tribunals Service to ensure that court proceedings can go ahead as soon as practicable… Case teams will contact you with relevant information relating to adapted ways of working. If you have any questions about the