DOJ urges voluntary self-disclosure in corporate enforcement policy updates
By 
Aaron Nicodemus2023-01-18T17:17:00
The Department of Justice (DOJ) unveiled new incentives to encourage companies to voluntarily report violations of the Foreign Corrupt Practices Act (FCPA), including steep discounts in monetary fines against businesses that self-disclose misconduct.
In a speech Tuesday at Georgetown University, Assistant Attorney General Kenneth Polite Jr. announced revisions to the DOJ’s FCPA corporate enforcement policy (CEP). The agency will consider reducing fines for criminal resolutions by 50-75 percent on the low end of U.S. sentencing guidelines for companies that self-disclose FCPA violations, cooperate with investigators, and remediate the misconduct.
In these circumstances, the DOJ will generally not require a guilty plea from the company to resolve the violation, said Polite, head of the agency’s Criminal Division.
Related articles
-
News BriefStanley Black & Decker discloses potential FCPA violations
Stanley Black & Decker voluntarily disclosed to the Department of Justice and Securities and Exchange Commission its international division might have violated the Foreign Corrupt Practices Act.
-
News BriefDOJ publishes voluntary self-disclosure policy for corporations
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
-
PremiumQ&A: Ex-DOJ official on policy changes, new CCO expectations
Scott Hulsey, partner at Barnes & Thornburg, former federal prosecutor, and a former chief compliance officer, discusses with Compliance Week how CCOs should respond to the Department of Justice’s recent policy changes regarding corporate crime.
More from Regulatory Enforcement
-
ArticleSenate Democrats question Vought on comments about closing CFPB in months
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
-
PremiumAssessing the impact of the DOJ’s monitorship policy six months in
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
-
News BriefBinance’s Changpeng Zhao receives presidential pardon from Trump
The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.