Lucy Rigby

My hon. Friend is absolutely right to highlight that key point, and I can confirm that the SFO is keeping a close eye on it in the context of its other international partnerships. Hon. Members rightly highlighted disclosure, which is another key area in which the SFO is driving forward change. Managing increasing volumes of data and complying with disclosure obligations have become increasingly challenging in the data-heavy cases that the SFO handles. In 2023, 25% of the SFO’s operational budget was spent on delivering disclosure operations. The SFO is harnessing machine learning technology to enhance the efficiency of its disclosure exercises. Technology-assisted review has been successfully trialled on a live SFO case that is going through the courts, and it will be rolled out by operational divisions. Given the importance of the SFO’s work, I was delighted that in October the Government were able to confirm additional funding of £9.3 million for it, giving it a strong foundation to push ahead with work to deliver organisational objectives. I have talked about the SFO’s role and performance in tackling fraud, bribery and corruption, but I also want to detail the action that the Government are taking more broadly to tackle the threats of fraud and economic crime. We of course take the threat of corruption, alongside illicit finance and kleptocracy, extremely seriously. As a nation with the utmost respect for the rule of law, and indeed for the importance of our security, the UK is leading the fight in addressing corruption. That is precisely why the Home Secretary, the Foreign Secretary and the Chancellor announced that the Government will publish a new anti-corruption strategy this year, as my hon. Friend the Member for Kensington and Bayswater said. The Government are also developing an expanded fraud strategy, covering themes including enhanced data sharing, monitoring AI, tackling the impact of fraud on businesses and growth, and improving victim support and public awareness. We currently aim to publish that strategy, which is being developed by the Home Office, by the end of the year. The Government have also published guidance to support organisations in understanding the new corporate criminal offence of failure to prevent fraud. The SFO is committed to making full use of the offence once it comes into force in September. Lastly, I will make three very brief points in response to issues raised by Members during the debate. First, I will explicitly note the Government’s action to better protect taxpayers when it comes to public sector fraud in the form of the Public Authorities (Fraud, Error and Recovery) Bill, which it is estimated will save the taxpayer £1.5 billion over the next five years. Secondly, with regard to the overseas territories, it is vital that we work closely with them to combat fraud, financial crime and money laundering, and on the enforcement of UK financial sanctions. We need to see greater transparency when it comes to company ownership, assets and real estate, which will be taken into account in the forthcoming anti-corruption strategy. Thirdly, I am more than happy to take forward the co-operation with Northern Ireland that was mentioned to deal with the very human side of fraud that the hon. Member for Strangford (Jim Shannon) raised. In conclusion, it is clear that the world of fraud and economic crime continues to evolve rapidly, both in the UK and globally. It is vital that we adapt at the same pace to effectively crack down on this persistent threat to our economy and our prosperity, and that is something that the Government are 100% committed to doing.