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"Stronger transatlantic cooperation could be boon for DOJ, ailing U.K. Serious Fraud Office" by Timothy J. Coley (Bloomberg Law)

Bloomberg Law

Timothy J. Coley

The Department of Justice has over the past decade collaborated in several high-profile investigations with the Serious Fraud Office, the agency responsible for investigating and prosecuting complex financial crimes in the United Kingdom. Their work in bringing cases related to the Libor and Euribor rigging scandals was a particularly noteworthy example of transatlantic teamwork. But in recent years, U.S.-U.K. cooperation has, at least to public eyes, leveled off.

The SFO has faced rough headwinds domestically during this period. Its conviction rate has plummeted to 53% in 2018-2019, while the length of time between opening an investigation and filing charges has only lengthened. Lisa Osofsky, the SFO’s director since late 2018, has faced an uphill battle to enhance the agency’s performance, often emphasizing the importance of joint U.S.-U.K. investigations and prosecutions. That seems like a fitting mandate for Osofsky, a dual U.S. and U.K. citizen and former FBI attorney and DOJ prosecutor.

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