The Serious Fraud Office does not have the ability to proactively target serious financial crime, and preventing this offending is probably better done by other agencies, says a Government-commissioned review.

When SFO director Julie Read took up her post last year she told the Herald the agency would like to be a “bit more proactive”.

Asked if the SFO’s more reactive approach would change, Read said this would be partly answered by a State Services Commission review, which was issued this week.

The report says the justice sector is focusing more on crime prevention.

But lead reviewer Debbie Francis said that while better access to intelligence could support earlier detection of financial crime, preventive activity was not supported by the SFO’s statutory mandate and was “probably better done by others”.

Francis said the SFO did not have the ability to develop a current, medium or long-term view of possible threats, and this was required to “proactively target high priority serious financial crime and corruption”.

The strongest “preventive element” of the SFO’s activity was the deterrent effect of its investigations and successful prosecutions.

Source: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11262890 [Read more…]