Stamping out foreign bribery and corruption was seemingly not a priority for the Trump administration, but last week’s launch of President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda.

As such, European companies and executives should beware: The Foreign Corrupt Practices Act (FCPA) is likely to get a dusting off.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...