SFO confirms opening of criminal investigation into aerospace and defense group

Financial Crimes UK Serious Fraud Office Bribery Anti-Corruption Anti-Money Laundering

On January 18, the Serious Fraud Office (“SFO”) confirmed the opening of an investigation of an aerospace and defense group and its subsidiary into alleged bribery, corruption, and money laundering. The UK-based company that designs and makes products in the aerospace and defense industries, stated that the investigation followed a voluntary report from the subsidiary relating to “two specific historic contracts.” According to the company, the first of these contracts was awarded before the company took over the business group being investigated, while the second contract occurred after the acquisition. The company stated that they will fully cooperate with the SFO’s investigation and provide further updates.