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UK Government Pledges to Scrap Serious Fraud Office if Re-Elected

By Paul Peachey

U.K. Prime Minister Theresa May promised Thursday to dismantle the national agency charged with prosecuting major and complex white-collar crimes if her ruling party is re-elected in June. The Serious Fraud Office, which tackles complex fraud, money laundering and corruption, has been hampered by falling budgets and criticized for low prosecution rates, but has achieved a string of notable recent successes, led by a record Â?510 million settlement with Rolls-Royce in January for bribery-related charges. A pledge in the Conservative Party's pre-election manifesto would, however, see the 29-year-old SFO folded into the National Crime Agency, or NCA, which investigates a...

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