The PRA has published its annual report for 2019/20 on the Enforcement Decision Making Committee (EDMC). The report covers the functioning of the EDMC from its establishment in August 2018 to the end of February 2020. The EDMC was introduced with the aim of strengthening the Bank’s enforcement processes by ensuring a functional separation between the Bank’s investigation teams and executive as a whole, and the Bank’s decision makers in contested enforcement cases.
Among other things, the report: (i) provides an overview of the function of the EDMC; (ii) sets out the EDMC’s membership, powers and procedures; (iii) gives details of the cases dealt with so far by the EDMC; and (iv) reports on key operational information on the functioning of the EDMC.
Bank of England annual report for 2019/20 on the Enforcement Decision Making Committee
The Serious Fraud Office (SFO) has announced that it has received final approval to enter into a deferred prosecution agreement (DPA) with G4S Care & Justice Services (UK) Ltd, a wholly-owned subsidiary of G4S plc. The terms of the DPA include accepting responsibility for three offences of fraud contrary to section 2 of the Fraud Act 2006, a financial penalty in the amount of approximately £38 million and payment of the SFO’s costs of approximately £6 million.
Press release: SFO receives final approval for DPA with G4s Care & Justice Services (UK) Ltd
DPA and Judgement
Reporting restrictions
Please see the Financial Crime section for an item on ECJ judgements against Ireland and Romania in relation to infringement proceedings for failing to transpose the Fourth Money Laundering Directive (EU) 2015/849 on time.
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