DOJ and the SEC credited another $43 million in penalties assessed by foreign authorities in foreign proceedings associated with U.S. These 17 enforcement actions resulted in approximately $770 million in fines, penalties, disgorgement, and prejudgment interest, of which approximately $459 million was assessed by DOJ and approximately $268 million by the SEC. In 2023, the SEC resolved nine and DOJ resolved eight FCPA corporate enforcement actions, including two DOJ declination letters pursuant to the Corporate Enforcement Policy, both of which required disgorgement.įCPA CORPORATE ENFORCEMENT ACTION RESOLUTIONS, 2019–2023 Below, we highlight the year’s most significant developments in anti-corruption and FCPA enforcement. These developments have the potential to energize enforcement, including through enhanced interagency coordination and coordination with foreign authorities, and with a focus on national security. In sum, while enforcement remains somewhat below pre-pandemic levels, new authorities and policies announced in 2023 indicate that the administration is engaging in a whole-of-government, multi-agency approach to fighting international corruption. Whether 2024 will bring the first charges under the FEPA remains to be seen, but this will be a new enforcement area to watch in the coming year. FEPA arms DOJ with a powerful tool to bring charges against foreign officials in corruption cases. DOJ also announced an International Corporate Anti-Bribery Initiative to formalize and increase coordination with law enforcement authorities in foreign jurisdictions, broadening efforts to pursue major global resolutions.įinally, in the closing weeks of 2023, Congress passed and President Biden signed into law the Foreign Extortion Prevention Act (“FEPA”), instituting criminal penalties for the demand side of foreign bribery. Under DOJ’s new Safe Harbor Policy, acquiring companies that voluntarily disclose criminal misconduct within six months of closing a transaction and cooperate with the ensuing investigation will receive the presumption of a declination. DOJ also significantly standardized and clarified its expectations for voluntary self-disclosure in connection with corporate mergers and acquisitions. Among these were a pointed focus on corporate offenses implicating national security and a corresponding increase in the resources available to DOJ to pursue such offenses, additional guidance regarding the implementation of corporate compliance programs, and nationwide policies on voluntary self-disclosure of corporate wrongdoing. The past year also brought multiple important policy developments that we expect will continue to shape transnational anti-corruption enforcement in coming years. While the number of actions remained roughly on pace with 2022, there was a notable decrease in the total amount of fines levied. This past year was, as in 2022, another active year in FCPA enforcement, with DOJ reaching eight corporate resolutions (including declinations with disgorgement), the SEC reaching nine corporate resolutions, and DOJ bringing charges against ten individuals. 2023)įoreign Jurisdictions Investigating, Prosecuting, and Regulating Corruption Legal Developments Affecting Enforcement ToolsĮnactment of Foreign Extortion Prevention Act Revisions to DOJ’s Evaluation of Corporate Compliance Programs Safe Harbor Policy for M&A Voluntary Self-Disclosures National Standard for Voluntary Self-Disclosure Credit Policy Pronouncements Affecting Anti-Corruption EnforcementĭOJ International Corporate Anti-Bribery Initiative & Corporacion Financiera Colombiana S.A.Ĭharges from Prior Years Unsealed in 2023 Financial Services Litigation & Investigations.Employment, Workplace Investigations & Trade Secrets.Family Office & High-Net-Worth Individuals.
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