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<br /> FCPA<br /> & Anti-Bribery<br /> 2025 Alert<br /> Hughes Hubbard & Reed LLP<br /> A New York Limited Liability Partnership • One Battery Park Plaza<br /> New York, New York 10004-1482 • +1 (212) 837-6000<br /> Attorney advertising. This alert is for informational purposes only and is not intended<br /> as legal advice. Prior results do not guarantee a similar outcome. No aspect of this<br /> advertisement has been approved by the Supreme Court of New Jersey.<br /> © 2026 Hughes Hubbard & Reed LLP<br /> Global Investigations, Enforcement,<br /> and Compliance Practice Group<br /> CO-CHAIRS<br /> Michael A. DeBernardis (U.S.)<br /> Anne Hukkelaas Gaustad (EU)<br /> Marie-Agnès Nicolas (EU)<br /> PARTNERS<br /> Derek J. T. Adler<br /> Koushik Bhattacharya<br /> Charles W. Cohen<br /> Diego Durán de la Vega<br /> Terence Healy<br /> Yi-Chin Ho<br /> Daniel J. McLaughlin<br /> Neil J. Oxford<br /> Jeremy P. Paner<br /> Salim Jorge Saud Neto*<br /> Caro<a title="HHR-FCPA-2025-Alert page 1" href="https://secure.viewer.zmags.com/publication/556b6267?page=1"> FCPA & Anti-Bribery 2025 Alert </a> <a title="HHR-FCPA-2025-Alert page 2" href="https://secure.viewer.zmags.com/publication/556b6267?page=2"> Global Investigations, Enforcement, and Comp</a> <a title="HHR-FCPA-2025-Alert page 3" href="https://secure.viewer.zmags.com/publication/556b6267?page=3"> Executive Editor Primary Editors Edi</a> <a title="HHR-FCPA-2025-Alert page 4" href="https://secure.viewer.zmags.com/publication/556b6267?page=4"> Introduction “It’s all happening.” </a> <a title="HHR-FCPA-2025-Alert page 5" href="https://secure.viewer.zmags.com/publication/556b6267?page=5"> Table of Contents CHAPTER 1 • HIGHLIGHTS, TREN</a> <a title="HHR-FCPA-2025-Alert page 6" href="https://secure.viewer.zmags.com/publication/556b6267?page=6"> Table of Contents continued Vikas Sagar . . .</a> <a title="HHR-FCPA-2025-Alert page 7" href="https://secure.viewer.zmags.com/publication/556b6267?page=7"> 1 Chapter Highlights, Tre</a> <a title="HHR-FCPA-2025-Alert page 8" href="https://secure.viewer.zmags.com/publication/556b6267?page=8"> Recent Highlights The past year has seen several</a> <a title="HHR-FCPA-2025-Alert page 9" href="https://secure.viewer.zmags.com/publication/556b6267?page=9"> involving foreign officials who have received bri</a> <a title="HHR-FCPA-2025-Alert page 10" href="https://secure.viewer.zmags.com/publication/556b6267?page=10"> Material Revisions to CEP On May 12, 2025, DOJ C</a> <a title="HHR-FCPA-2025-Alert page 11" href="https://secure.viewer.zmags.com/publication/556b6267?page=11"> Additions to Whistleblower Pilot Program The Gal</a> <a title="HHR-FCPA-2025-Alert page 12" href="https://secure.viewer.zmags.com/publication/556b6267?page=12"> to the DPA, ABB agreed to pay $327 million. Prose</a> <a title="HHR-FCPA-2025-Alert page 13" href="https://secure.viewer.zmags.com/publication/556b6267?page=13"> otherwise company-friendly approach to FCPA enfor</a> <a title="HHR-FCPA-2025-Alert page 14" href="https://secure.viewer.zmags.com/publication/556b6267?page=14"> penalty and forfeit $58.2 million. The criminal fi</a> <a title="HHR-FCPA-2025-Alert page 15" href="https://secure.viewer.zmags.com/publication/556b6267?page=15"> Trends & Lessons TRENDS Below we highlight sev</a> <a title="HHR-FCPA-2025-Alert page 16" href="https://secure.viewer.zmags.com/publication/556b6267?page=16"> Burden to the Business Takes Center Stage/This is</a> <a title="HHR-FCPA-2025-Alert page 17" href="https://secure.viewer.zmags.com/publication/556b6267?page=17"> years in prison. “Not quite my tempo,” was a favo</a> <a title="HHR-FCPA-2025-Alert page 18" href="https://secure.viewer.zmags.com/publication/556b6267?page=18"> Comcel in 2021, including conducting a root cause</a> <a title="HHR-FCPA-2025-Alert page 19" href="https://secure.viewer.zmags.com/publication/556b6267?page=19"> privilege waiver resulting from such cooperation </a> <a title="HHR-FCPA-2025-Alert page 20" href="https://secure.viewer.zmags.com/publication/556b6267?page=20"> • Examine Carefully the Qualifications of Agent</a> <a title="HHR-FCPA-2025-Alert page 21" href="https://secure.viewer.zmags.com/publication/556b6267?page=21"> with Deere & Company, the SEC identified that Deer</a> <a title="HHR-FCPA-2025-Alert page 22" href="https://secure.viewer.zmags.com/publication/556b6267?page=22"> increasingly common for corporate resolutions, in</a> <a title="HHR-FCPA-2025-Alert page 23" href="https://secure.viewer.zmags.com/publication/556b6267?page=23"> 2 Chapter FCPA</a> <a title="HHR-FCPA-2025-Alert page 24" href="https://secure.viewer.zmags.com/publication/556b6267?page=24"> FCPA Elements and Penalties The FCPA has two fun</a> <a title="HHR-FCPA-2025-Alert page 25" href="https://secure.viewer.zmags.com/publication/556b6267?page=25"> [T]he Conferees agreed that “simple negligence” o</a> <a title="HHR-FCPA-2025-Alert page 26" href="https://secure.viewer.zmags.com/publication/556b6267?page=26"> was lawful under the written laws and regulations</a> <a title="HHR-FCPA-2025-Alert page 27" href="https://secure.viewer.zmags.com/publication/556b6267?page=27"> penalties of up to $16,000 for organizations or i</a> <a title="HHR-FCPA-2025-Alert page 28" href="https://secure.viewer.zmags.com/publication/556b6267?page=28"> Policy/Legal Updates During the course of 2025, </a> <a title="HHR-FCPA-2025-Alert page 29" href="https://secure.viewer.zmags.com/publication/556b6267?page=29"> Galeotti Memo announced new white-collar enforcem</a> <a title="HHR-FCPA-2025-Alert page 30" href="https://secure.viewer.zmags.com/publication/556b6267?page=30"> Revisions to the CEP The Galeotti Memo announced</a> <a title="HHR-FCPA-2025-Alert page 31" href="https://secure.viewer.zmags.com/publication/556b6267?page=31"> According to the Monitorship Memo, prosecutors sh</a> <a title="HHR-FCPA-2025-Alert page 32" href="https://secure.viewer.zmags.com/publication/556b6267?page=32"> 5. Trade, tariff, and customs fraud by corporat</a> <a title="HHR-FCPA-2025-Alert page 33" href="https://secure.viewer.zmags.com/publication/556b6267?page=33"> • Protecting U.S. Business Interests. Under th</a> <a title="HHR-FCPA-2025-Alert page 34" href="https://secure.viewer.zmags.com/publication/556b6267?page=34"> FCPA Settlements and Enforcement Actions: </a> <a title="HHR-FCPA-2025-Alert page 35" href="https://secure.viewer.zmags.com/publication/556b6267?page=35"> ski equipment, snowmobiles, and hot springs visit</a> <a title="HHR-FCPA-2025-Alert page 36" href="https://secure.viewer.zmags.com/publication/556b6267?page=36"> MCKINSEY & CO. AFRICA (PTY) LTD. Overview On De</a> <a title="HHR-FCPA-2025-Alert page 37" href="https://secure.viewer.zmags.com/publication/556b6267?page=37"> other locations rather than at McKinsey Africa’s </a> <a title="HHR-FCPA-2025-Alert page 38" href="https://secure.viewer.zmags.com/publication/556b6267?page=38"> AAR CORP. Overview On December 19, 2024, AAR CO</a> <a title="HHR-FCPA-2025-Alert page 39" href="https://secure.viewer.zmags.com/publication/556b6267?page=39"> subsidiary entered into a joint venture with the </a> <a title="HHR-FCPA-2025-Alert page 40" href="https://secure.viewer.zmags.com/publication/556b6267?page=40"> Cease-And-Desist Order Under a stipulated cease</a> <a title="HHR-FCPA-2025-Alert page 41" href="https://secure.viewer.zmags.com/publication/556b6267?page=41"> Resolution The DOJ’s declination comes after Lib</a> <a title="HHR-FCPA-2025-Alert page 42" href="https://secure.viewer.zmags.com/publication/556b6267?page=42"> According to the superseding indictment, the brib</a> <a title="HHR-FCPA-2025-Alert page 43" href="https://secure.viewer.zmags.com/publication/556b6267?page=43"> derived from laundered drug trafficking money. Ca</a> <a title="HHR-FCPA-2025-Alert page 44" href="https://secure.viewer.zmags.com/publication/556b6267?page=44"> FCPA Settlements and Enforcement Actions: </a> <a title="HHR-FCPA-2025-Alert page 45" href="https://secure.viewer.zmags.com/publication/556b6267?page=45"> ADANI GROUP On November 20, 2024, the DOJ unsea</a> <a title="HHR-FCPA-2025-Alert page 46" href="https://secure.viewer.zmags.com/publication/556b6267?page=46"> COGNIZANT EXECUTIVES (GORDON COBURN AND STEVEN SC</a> <a title="HHR-FCPA-2025-Alert page 47" href="https://secure.viewer.zmags.com/publication/556b6267?page=47"> Corp. (“Smartmatic”) on FCPA and money laundering</a> <a title="HHR-FCPA-2025-Alert page 48" href="https://secure.viewer.zmags.com/publication/556b6267?page=48"> CHARLES HOBSON On April 11, 2025, the DOJ filed </a> <a title="HHR-FCPA-2025-Alert page 49" href="https://secure.viewer.zmags.com/publication/556b6267?page=49"> TIM LEISSNER On May 29, 2025, Judge Margo K. Br</a> <a title="HHR-FCPA-2025-Alert page 50" href="https://secure.viewer.zmags.com/publication/556b6267?page=50"> CRISTIAN PATRICIO PINTADO GARCIA On June 24, 20</a> <a title="HHR-FCPA-2025-Alert page 51" href="https://secure.viewer.zmags.com/publication/556b6267?page=51"> DEEPAK SHARMA On June 30, 2025, Deepak Sharma, </a> <a title="HHR-FCPA-2025-Alert page 52" href="https://secure.viewer.zmags.com/publication/556b6267?page=52"> HONDURAN POLICE UNIFORM SCHEME (ALDO NESTOR MARCH</a> <a title="HHR-FCPA-2025-Alert page 53" href="https://secure.viewer.zmags.com/publication/556b6267?page=53"> VIKAS SAGAR On September 24, 2025, Judge Collee</a> <a title="HHR-FCPA-2025-Alert page 54" href="https://secure.viewer.zmags.com/publication/556b6267?page=54"> Rovirosa’s trial took place from December 1 throu</a> <a title="HHR-FCPA-2025-Alert page 55" href="https://secure.viewer.zmags.com/publication/556b6267?page=55"> In October 2025, Innecco died in Brazil after flee</a> <a title="HHR-FCPA-2025-Alert page 56" href="https://secure.viewer.zmags.com/publication/556b6267?page=56"> 3 Chapter Anti-Corruption</a> <a title="HHR-FCPA-2025-Alert page 57" href="https://secure.viewer.zmags.com/publication/556b6267?page=57"> Anti-Corruption Enforcement Update: Brazil RELEV</a> <a title="HHR-FCPA-2025-Alert page 58" href="https://secure.viewer.zmags.com/publication/556b6267?page=58"> authorized different entities of the Brazilian Fe</a> <a title="HHR-FCPA-2025-Alert page 59" href="https://secure.viewer.zmags.com/publication/556b6267?page=59"> compliance program. When assessing a compliance p</a> <a title="HHR-FCPA-2025-Alert page 60" href="https://secure.viewer.zmags.com/publication/556b6267?page=60"> certainty. The ATC establishes coordinated action</a> <a title="HHR-FCPA-2025-Alert page 61" href="https://secure.viewer.zmags.com/publication/556b6267?page=61"> “sustainable, fair, and democratic economic and s</a> <a title="HHR-FCPA-2025-Alert page 62" href="https://secure.viewer.zmags.com/publication/556b6267?page=62"> by the OECD Working Group on Bribery that the cou</a> <a title="HHR-FCPA-2025-Alert page 63" href="https://secure.viewer.zmags.com/publication/556b6267?page=63"> years, the request would benefit a number of compa</a> <a title="HHR-FCPA-2025-Alert page 64" href="https://secure.viewer.zmags.com/publication/556b6267?page=64"> ENFORCEMENT HIGHLIGHTS Recent Settlements Anti-</a> <a title="HHR-FCPA-2025-Alert page 65" href="https://secure.viewer.zmags.com/publication/556b6267?page=65"> The agreement is the result of a coordinated nego</a> <a title="HHR-FCPA-2025-Alert page 66" href="https://secure.viewer.zmags.com/publication/556b6267?page=66"> and 2014 and involved the payment of undue advant</a> <a title="HHR-FCPA-2025-Alert page 67" href="https://secure.viewer.zmags.com/publication/556b6267?page=67"> Federal Agencies Settlements in 2024 In 2024, t</a> <a title="HHR-FCPA-2025-Alert page 68" href="https://secure.viewer.zmags.com/publication/556b6267?page=68"> connection with the payment of undue advantages t</a> <a title="HHR-FCPA-2025-Alert page 69" href="https://secure.viewer.zmags.com/publication/556b6267?page=69"> (“Microstrategy”). Microstrategy self-reported th</a> <a title="HHR-FCPA-2025-Alert page 70" href="https://secure.viewer.zmags.com/publication/556b6267?page=70"> Anti-Corruption Enforcement Update: France RELEV</a> <a title="HHR-FCPA-2025-Alert page 71" href="https://secure.viewer.zmags.com/publication/556b6267?page=71"> conviction or admission of guilt. This alternativ</a> <a title="HHR-FCPA-2025-Alert page 72" href="https://secure.viewer.zmags.com/publication/556b6267?page=72"> at least 500 employees and an annual turnover of </a> <a title="HHR-FCPA-2025-Alert page 73" href="https://secure.viewer.zmags.com/publication/556b6267?page=73"> respect to potential takeover bids, financial resu</a> <a title="HHR-FCPA-2025-Alert page 74" href="https://secure.viewer.zmags.com/publication/556b6267?page=74"> SELECTED RECENT ENFORCEMENT ACTIONS 2024 AREVA S</a> <a title="HHR-FCPA-2025-Alert page 75" href="https://secure.viewer.zmags.com/publication/556b6267?page=75"> 2025 PAPREC—February 10, 2025 On February 10, 2</a> <a title="HHR-FCPA-2025-Alert page 76" href="https://secure.viewer.zmags.com/publication/556b6267?page=76"> According to the criminal investigation, Klubb’s </a> <a title="HHR-FCPA-2025-Alert page 77" href="https://secure.viewer.zmags.com/publication/556b6267?page=77"> structure of cross-invoicing and fund transfers. </a> <a title="HHR-FCPA-2025-Alert page 78" href="https://secure.viewer.zmags.com/publication/556b6267?page=78"> from the conduct. When determining the amount of </a> <a title="HHR-FCPA-2025-Alert page 79" href="https://secure.viewer.zmags.com/publication/556b6267?page=79"> Anti-Corruption Enforcement Update: </a> <a title="HHR-FCPA-2025-Alert page 80" href="https://secure.viewer.zmags.com/publication/556b6267?page=80"> Economic Crime and Corporate Transparency Act (“E</a> <a title="HHR-FCPA-2025-Alert page 81" href="https://secure.viewer.zmags.com/publication/556b6267?page=81"> Privilege: The guidance states that a company tha</a> <a title="HHR-FCPA-2025-Alert page 82" href="https://secure.viewer.zmags.com/publication/556b6267?page=82"> this affirmative defense. While it will be up to </a> <a title="HHR-FCPA-2025-Alert page 83" href="https://secure.viewer.zmags.com/publication/556b6267?page=83"> 3. Risk Assessment: companies must conduct risk</a> <a title="HHR-FCPA-2025-Alert page 84" href="https://secure.viewer.zmags.com/publication/556b6267?page=84"> The SFO emphasized its goal of preventing fraud, </a> <a title="HHR-FCPA-2025-Alert page 85" href="https://secure.viewer.zmags.com/publication/556b6267?page=85"> Joint SFO-CPS Corporate Prosecution Guidance On </a> <a title="HHR-FCPA-2025-Alert page 86" href="https://secure.viewer.zmags.com/publication/556b6267?page=86"> between 2007 and 2014. Gibson and Wakefield were a</a> <a title="HHR-FCPA-2025-Alert page 87" href="https://secure.viewer.zmags.com/publication/556b6267?page=87"> 4 Chapter Anti-Corrupt</a> <a title="HHR-FCPA-2025-Alert page 88" href="https://secure.viewer.zmags.com/publication/556b6267?page=88"> Multilateral Development Banks Sanctions Multila</a> <a title="HHR-FCPA-2025-Alert page 89" href="https://secure.viewer.zmags.com/publication/556b6267?page=89"> Recent Sanctions for Corrupt Practices A signific</a> <a title="HHR-FCPA-2025-Alert page 90" href="https://secure.viewer.zmags.com/publication/556b6267?page=90"> eventually won. In determining the sanctions, the</a> <a title="HHR-FCPA-2025-Alert page 91" href="https://secure.viewer.zmags.com/publication/556b6267?page=91"> Lessons from Sanctions Decisions Regarding </a> <a title="HHR-FCPA-2025-Alert page 92" href="https://secure.viewer.zmags.com/publication/556b6267?page=92"> No. 78 ¶ 56 (2015)). More broadly, corrupt intent</a> <a title="HHR-FCPA-2025-Alert page 93" href="https://secure.viewer.zmags.com/publication/556b6267?page=93"> hugheshubbard.com</a>