15 Apr 2010

SFO to raise case criteria

6:45 pm on 15 April 2010

The Serious Fraud Office is to do away with target requiring a conviction rate of 90% for its cases.

The office's workload has grown significantly in recent times, boosted by investigations into eight failed finance companies.

In the next financial year it will raise the bar for which cases it investigates, boosting the value of alleged fraud from $500,000 to $2 million and adding additional criteria about the number of investors affected.

SFO chief executive Adam Feeley says even then, cases have to be prioritised.

The SFO is expected to announce within the next few weeks whether it will lay criminal charges against any of the directors of eight failed finance companies it has been investigating.