UK – Serious Fraud Office and Crown Prosecution Service issue final code of practice for DPAs

On 14 February 2014 the Serious Fraud Office (SFO( and the Crown Prosecution Service (CPS) published the Deferred Prosecution Agreements Code of Practice, the long awaited final guidance on how the Deferred Prosecution Agreements (DPAs) regime will operate. The Code of Practice was issued pursuant to paragraph 6(1) of Schedule 17 to the Crime and Courts Act 2013 (the Act).

DPAs will be available for use from 24 February 2014.  DPAs provide a mechanism for effectively settling the criminal liability of a corporate entity without prosecution in return for the company agreeing to a number of conditions, e.g. paying a financial penalty, paying compensation or cooperating with the future prosecution of individuals. DPAs are seen as an important tool for prosecutors in tackling serious economic crime in the UK.

For a detailed discussion of the Deferred Prosecution Agreements Code of Practice, please see our Client Alert on this subject prepared by Joanna Ludlam, Partner, Sunny Mann, Partner, and Henry Garfield, Senior Associate.