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Introduction

The third quarter of 2022 featured a major policy pronouncement on corporate criminal enforcement by the U.S. Department of Justice (DOJ), although Foreign Corrupt Practices Act (FCPA)-related enforcement activity by the DOJ and the U.S. Securities and Exchange Commission (SEC) remained at levels consistent with the past few quarters. Other notable developments included two corporate dispositions, the latest appellate ruling in the long-running Hoskins case, a key court decision limiting certain whistleblower protections in FCPA cases, new Magnitsky sanctions for corrupt activities, new issues related to the Glencore case, and a number of international developments.

On September 15, 2022, Deputy Attorney General (DAG) Lisa Monaco issued a new memorandum (Monaco Memo) on "Further Revisions to Corporate Criminal Enforcement Policies" that will apply across all the DOJ's "components," including the Fraud Section. This new memorandum follows DAG Monaco's October 28, 2021 memorandum on "initial revisions" to those policies and is the result of an evaluation process by the DOJ's Corporate Crime Advisory Group that included input from the private sector and defense bars. The new memorandum announces new guidance for DOJ prosecutors in several key areas of interest to companies potentially facing criminal investigations, including the prioritization of building cases against culpable individuals in parallel with related corporate...

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