Compared to the United States, Europe has had a checkered record of holding companies and their executives accountable for criminal wrongdoing. Indeed, France’s anti-corruption law, known as “Sapin II,” was enacted—in part—because U.S. prosecutors were cashing in huge sums from bribery cases involving French firms while France’s enforcement agencies looked on indifferently.

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...