On February 22, 2023, the U.S. Department of Justice (DOJ) announced updated guidance on the Voluntary Self-Disclosure Policy (VSD Policy). The VSD Policy went into effect immediately in every U.S. Attorney’s Office across the country. The Policy offers meaningful incentives to companies satisfying the standards for voluntary self-disclosure of misconduct; however, companies may not receive all the benefits of this VSD Policy if a whistleblower has already informed the DOJ about the alleged misconduct.
The new VSD Policy comes on the heels of DOJ’s more aggressive approach to corporate criminal enforcement announced in September.[1] Deputy Attorney General Lisa O. Monaco Delivers Remarks on Corporate Criminal Enforcement | OPA | Department of Justice, September 15, 2022.
At that time, the DOJ highlighted the importance of voluntary disclosure or self-reporting as one key component of the corporate criminal enforcement policy. The Department made clear it favors and rewards companies that own up to misconduct rather than attempting to cover up or downplay it. Yet, the DOJ offered little guidance on the actual benefits of self-disclosure. The VSD Policy issued in February sheds light on what companies can expect and sets a standard for how voluntary self-disclosures are measured nationwide.
The VSD Policy establishes the following criteria to qualify as a voluntary self-disclosure:
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