Overview
This past year saw a significant dip in the number of Foreign Corrupt Practices Act (FCPA) enforcement actions, but at the same time a series of new and important policy initiatives emanating from the White House and from the Department of Justice (DOJ) that signal a substantial commitment to investigating and prosecuting corruption-related crimes and to holding both individual and corporate actors accountable for such crimes. The FCPA enforcement docket for 2021 also reflects continuing efforts, and successes, by US enforcement authorities in achieving coordinated, multi-national investigations and resolutions, as well as a continued emphasis by DOJ on prosecuting individuals.
New policy initiatives included, but were not limited to, the Biden administration’s National Security Strategy Memorandum, issued in June, and the subsequent United States Strategy for Countering Corruption, issued in December. Under these documents, the fight against corruption is designated as a "core" national security interest. Also, the DOJ announced important policies with respect to how it will evaluate companies who are seeking credit for cooperation and remediation in corporate white-collar matters, and with respect to the scrutiny it will apply to companies' compliance with the terms of deferred and non-prosecution agreements.
Despite the low number of enforcement actions, 2021 was significant in terms of the stage set by current US authorities for enforcement efforts and priorities going forward, as well as a stated commitment to assessing companies and individuals who become ensnared in corruption schemes under very exacting standards. DOJ and SEC leadership moreover have insisted in various public pronouncements that both agencies have large pipelines of cases in all phases of the investigation process; that voluntary disclosures remain a strong source for corporate matters, but in addition, referrals from foreign authorities, whistleblower complaints, and leads identified through data-mining and other monitoring and investigative techniques are all being utilized more than ever; and that partnering with foreign governments and an emphasis on coordinated resolutions will continue.
Additionally, on the international side, there were multiple noteworthy developments, in the OECD, in the World Bank and with other international financial institutions, and in key regions and jurisdictions around the world.
In this Year in Review, we discuss these developments, as well as key developments and trends in the international arena with respect to anti-corruption enforcement and also compliance standards. For a number of reasons, it appears reasonable to expect substantial enforcement activity going forward, and we will be closely monitoring activity by both US and foreign authorities in 2022.
