By Dan Smith

On November 26, 2015, the UK Serious Fraud Office secured its first Deferred Prosecution Agreement against UK-based ICBC Standard Bank Plc for failure to prevent one of its sister companies from bribing Government of Tanzania officials, an offence under Section 7 of the Bribery Act 2010 (the “Failure Offence”).

Standard Bank agreed to pay approximately US$33 million in compensation, disgorgement of profits, penalties and costs. In addition, Standard Bank settled charges with the US Securities and Exchange Commission under an administrative order for an additional US$4.2 million penalty related to the same conduct. The US Department of Justice reportedly worked with the SFO in this matter.