More than £8 million of investment over the next three years will be spent on strengthening the SFO’s intelligence and information-gathering work and continuously expanding the agency’s use of technology to assist with disclosure. 

The extra funding, which is in addition to the £9.3 million of funding announced in the Budget, will be used to bolster SFO’s intelligence capabilities so it can proactively  identify and progress the biggest and complex economic crimes.  

The Attorney General Lord Hermer KC said: 

“Fraud and serious economic crime destroy people’s finances and hurts the reputation of doing business in the UK.  

“This government is committed to kick-starting economic growth and this additional funding to SFO will modernise their services to tackle serious economic crime, while continuously improving their capabilities to seize assets and make returns to the taxpayer.” 

Nicholas Ephgrave QPM, Director of the Serious Fraud Office, said: 

“This settlement, which provides long-term funding for the Serious Fraud Office recognises the essential work we do in tackling the most serious economic crimes and safeguarding the UK economy so it can continue to thrive. 

“This settlement will allow us to invest in our intelligence capability, expand our investigative reach and strengthen our ability to recover criminal assets, including crypto assets, wherever they may be.” 

For background

• SFO’s current (24/25) budget is £89.34m. This announcement confirms that over the next three years SFO budget will rise by £8.30m across three years to £97.64m.  
• The additional investment will primarily support the development of CPS’s  intelligence work: Director Ephgrave’s speech at RUSI 13 February 2024
• Funding will also support SFO’s ongoing development of proceeds of crime capability and use of tech on disclosure: Fraud crackdown as government provides funding to SFO