On 14 February 2025, I published an article about the “pause” ordered by President Trump on the enforcement of the FCPA for 180 days. This pause was to allow the Attorney General to review existing policies and guidelines governing the Department of Justice’s current approach to FCPA enforcement. President Trump instructed the Attorney General to issue updated policies or guidelines “to prioritize American interests, American economic competitiveness with respect to other nations, and the efficient use of Federal law enforcement resources.”
On 9 June 2025, the Memorandum was released. It establishes guidelines aligned with President Trump’s directive to reduce the “undue burden on American companies that operate abroad”. It also focus FCPA enforcement actions on conduct that “directly undermines U.S. national interests.”
To me, these guidelines clarify the current spirit of FCPA enforcement.
A Clear Statement of Economic Self-Interest
The main objective of the FCPA has always been the protection of the U.S. economy. Therefore, it’s no surprise to read in the memorandum that “Economic growth and expansion of U.S. business opportunities abroad […] is critical to safeguarding U.S. national security and economic prosperity.”
From 2008 to the present, the top ten corporate FCPA settlements include 60% non-U.S. companies.
The more recent lower-value FCPA settlements include only 30% non-U.S. companies.
Note 4 of the memorandum states that “The most blatant bribery schemes have historically been committed by foreign companies […]” — which reflects the results of a calculated strategy to target non-U.S. companies.
Although the memorandum explicitly states that enforcement will not discriminate “on the basis of […] nationality,” this principle is overshadowed by broader instructions that suggest otherwise.
Between the lines, the memorandum justifies continued targeting of non-U.S. companies when there is identifiable “economic injury” or a loss of “fair access” for American companies or individuals. My interpretation may be correct, as the memorandum is notably silent on cases where misconduct involves one U.S. company harming another.
Enforcement as a Tool for Strategic Dominance
The current objective seems to be maintaining and expanding U.S. supremacy by “advancing U.S. national security,” particularly in sectors deemed strategic — such as defence, intelligence, and critical infrastructure. President Trump’s executive order also adds sectors like “critical minerals, deep-water ports, or key infrastructure or assets.”
In today’s geopolitical context, this strategy could be highly lucrative, especially as global conflicts escalate and reconstruction becomes a profitable opportunity. (See the initial implementation of this strategy in Section 3, Paragraph 4 of the Declaration of Principles between the DRC and Rwanda.)
The memorandum also prioritises large-scale fraud — specifically, “substantial bribe payments, proven and sophisticated efforts to conceal bribes, fraudulent conduct […] and efforts to obstruct justice.”
Furthermore, during investigations, enforcement priority may be influenced by the willingness and ability of foreign authorities to pursue prosecution for the same alleged misconduct.
Other stated targets include cartels and transnational criminal organisations, which I will not develop here.
A Call for Sovereign Enforcement
The guidelines are broad and open to interpretive flexibility. This style could result in preferential treatment for U.S.-based companies and individuals. The FCPA will likely continue to serve as an economic weapon. The FCPA is a tool for U.S. authorities to extract substantial funds from foreign economies.
It is now urgent and crucial for other countries to establish their own effective and efficient anti-bribery and anti-fraud enforcement mechanisms. Non-U.S. countries must confront and resist this new form of U.S. economic imperialism, and ensure that fines, disgorgements, or any other financial sanctions imposed on their economic operators benefit their national budgets and populations — not those of the United States.