Companies looking for greater certainty about how they might avoid criminal prosecution for bribery, fraud, and corruption offences may find they’re going to be disappointed if they’re looking for definitive answers in the latest guidance from the U.K.’s main fraud investigator, say experts.

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...