The UK's fraud office has been slammed for failing to bring to court foreign bribery cases.

Nancy Boswell, the president and chief executive of Transparency International-USA, was commenting on the Serious Fraud Office in a letter to the FT.

Boswell said the SFO's termination of the high-profile investigation into foreign bribery allegations against BAE Systems cast doubt on its 'commitment' to fighting corruption.

'Against that backdrop, the Serious Fraud Office's consideration of the US approach to confronting foreign bribery can be worthwhile if properly adopted,' she said.

She suggested the SFO consider 'deferred prosecution agreements' as a tool when dealing with companies.

'Far from letting companies off lightly, such agreements generally require companies to admit any wrongdoing, pay stiff penalties, co-operate in ongoing investigations (which can lead to criminal prosecution of individuals), and – vital to future prevention – to implement anti-bribery compliance programmes and engage an independent compliance monitor for up to three years to ensure implementation and to report back to the government on its findings,' she said.

Further reading:

SFO wants plea-bargain system for bribery cases

SFO chief faces fresh round of criticism

Fight against corporate crime under threat

SFO's weaknesses detailed in De Grazia review