FCPA is back targeting US interests – what it means for non-US companies

Reasons for the FCPA enforcement pause

As widely reported, US President Donald Trump's Executive Order of 10 February 2025 paused FCPA enforcement by the Department of Justice (DOJ) until new enforcement guidelines were developed and published. The Executive Order stated that overly broad and unpredictable FCPA enforcement hindered US foreign policy objectives and aimed to remove excessive barriers to American commerce abroad that were seen as harmful to American economic competitiveness and national security. Thus, the Attorney General was instructed to issue updated guidelines and policies to prioritise American interests and the efficient use of federal law enforcement resources.

A sharper focus on US interests

On 9 June 2025, Deputy Attorney General Todd Blanche issued the long-awaited new guidelines on FCPA enforcement (the "Blanche Memo"). An analysis of the Blanche Memo and subsequent statements by Matthew Galeotti, Head of the Criminal Division, reveal a clear message: global FCPA enforcement will continue, but with a sharper focus on behaviour that undermines the ability of US businesses to compete on the international stage.

The Blanche Memo highlights four non-exhaustive factors FCPA prosecutors should consider when assessing whether to pursue cases:

• Prioritising alleged misconduct that deprives specific and identifiable US entities of fair competitive access and/or causes them economic harm. This includes situations where law-abiding US companies suffer significant economic disadvantages due to competitors securing lucrative contracts or illicit profits through the bribery of foreign officials.
  
• Focusing on corruption in the most urgent threats to US national security, such as defence, intelligence or critical infrastructure.
• Prioritising the investigation of serious misconduct rather than of routine business practices or generally accepted business courtesies in other countries (notably, the FCPA includes an exception for facilitating and expediting payments). In this regard, FCPA prosecutors should also consider whether foreign law enforcement agencies are willing and able to investigate and prosecute the alleged misconduct.
• Focusing on misconduct associated with cartels or transnational criminal organisations, including the use of shell companies or money laundering networks tied to them.

The Blanche Memo explicitly states that enforcement will focus on the nature of the conduct rather than the nationality of the company or individual, officially denying any specific targeting of foreign companies. However, it is clear from the memo that the DOJ will pursue foreign companies if the misconduct affects US interests and national security. In this context, Mr Galeotti defined the scope of enforcement as targeting "conduct that genuinely impacts the United States, or the American people […] If those happen, it's subject to prosecution by US law enforcement."

Encouraging companies to self-report FCPA misconduct 

In related news, the DOJ has revised its Criminal Division's Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP), as also highlighted by Mr Galeotti in his speech.

This should make it easier for companies to secure so-called declinations — instances where the DOJ decides not to pursue criminal charges — provided that the company voluntarily discloses the misconduct, fully cooperates, implements remediation and pays disgorgement, forfeiture and/or restitution.

Global anti-corruption enforcement efforts

Amid ongoing uncertainty surrounding FCPA enforcement by US authorities, an International Anti-Corruption Prosecutorial Taskforce was established on 20 March 2025 between the UK (Serious Fraud Office), France (Parquet National Financier) and Switzerland (Office of the Attorney General). The taskforce aims to strengthen collective efforts to tackle the complex and international threat of bribery and corruption by establishing formal structures for enhanced cooperation at both strategic and operational levels. It is reasonable to assume that, regardless of cooperation with other agencies, membership in the taskforce will be expanded going forward.

As highlighted above, when assessing whether to pursue a case, FCPA prosecutors should consider the likelihood of an appropriate foreign law enforcement authority being willing and able to investigate and prosecute the alleged misconduct. Conduct that does not affect US interests should be left to prosecution authorities abroad, to which the DOJ will provide assistance.

Conclusion

Companies operating in multiple jurisdictions — especially where US interests are concerned — should expect continued scrutiny.

While the US appears to be shifting toward a more selective — but potentially more aggressive — approach to enforcement where its national interests are at stake, it is also reasonable to expect that cooperation with other agencies, and the newly established taskforce between the UK, France and Switzerland, will increase. How this will play out in practice remains to be seen. What is clear, however, is that both the Blanche Memo and the formation of the taskforce signal a continued commitment to combatting corruption and bribery on a global scale.

author: Oliver M. Loksa