Following SFO's earlier clarification of its stance on facilitation payments and hospitality (see FReD 12 October), it has now restated its policy on self-reporting by corporates. SFO reminds corporates that, for a self-report to be taken into account as a public interest factor tending against prosecution, it must be part of a genuinely proactive approach that the corporate management team has adopted. The approach should also include a plan for appropriate remedial action. The clarification also points out that prosecutors will be mindful that failure to report the wrongdoing within a reasonable time of its discovery is a public interest factor in favour of prosecution, so that the timing of any self-report is very important. The guidance restates that SFO does not guarantee that no prosecution will result following a report, and says it will not advise on the likely outcome of a report until its process is complete. The guidance also sets out how corporates should make a self-report.

(Source: Self-Reporting Process)