Call for further funding to address rise in fraud

The number of times the Serious Fraud Office (SFO) has frozen assets it suspects of being involved in fraud has doubled in a year, Pinsent Masons has revealed today.

The law firm said the total rose to eight in 2016/17, from four in the previous 12 months, indicating “the more proactive role played by the SFO in preventing criminals from liquidating and hiding their assets”.

But Pinsent Masons, whose global office network includes sites in Aberdeen, Edinburgh and Glasgow, added that funding issues mean a growing number of frauds are not being investigated.

It said that while reported fraud offences rose 4 per cent over the last year to about 642,000, prosecutions fell 12 per cent to about 8,300.

Pinsent Masons partner Alan Sheeley said: “As the number of reported fraud offences is rising, ensuring law enforcement bodies receive adequate funding and resources to carry out investigations is essential.”