At the Annual Compliance conference recently held in London, the session on ‘US and UK Enforcement in the Current Climate: Strategic Shifts and Global Implications’ explored the evolving enforcement landscape across the UK, US, and Latin America, with a particular focus on strategic priorities, inter-agency cooperation, and the practical implications of recent policy shifts. The discussion highlighted the increasing complexity of compliance obligations in a climate shaped by geopolitical developments, regulatory reform, and shifting prosecutorial philosophies.
In the UK, the Serious Fraud Office (SFO) is refining its operational approach under a framework that prioritises global cooperation, domestic legal reform, and internal efficiency. David Knott emphasised that while the SFO does not pursue cases based on industry themes, it applies a principled selection process that considers public interest, reputational harm, and the necessity of its unique, statutory powers. With over 1,300 fraud allegations made to the SFO annually, only a fraction are pursued—underscoring the agency’s focus on high-impact cases. Recent investigations, including those into Rockfire Investment Finance and AOG Technics, reflect this targeted strategy. Knott also discussed the SFO’s updated corporate cooperation guidance, which sets clear expectations around early engagement, regular updates, and timely resolution of investigations and DPA negotiations. While self-reporting is not mandatory, the guidance signals a more pragmatic and structured approach to corporate engagement.
Other UK enforcement bodies are also asserting a stronger presence. The National Crime Agency (NCA) has recently positioned itself as a key player in tackling bribery and corruption, particularly in politically sensitive cases such as the alleged gem-mining licence scandal involving the President of Madagascar. The Crown Prosecution Service (CPS) has entered into its first Deferred Proseuction Agreement (DPA) with Entain, while continuing to pursue individual prosecutions, as seen in the NatWest case. These developments suggest a broader institutional appetite for white-collar enforcement, with increasing reliance on corporate intelligence and informal reporting mechanisms.
In the US, the Foreign Corrupt Practices Act (FCPA) remains in force, but its enforcement trajectory has shifted under the current administration. The Department of Justice (DOJ) has deprioritised corporate prosecutions in favour of targeting individual misconduct, particularly where national security or terrorism is implicated. Revised guidance offers unprecedented incentives for voluntary disclosure and cooperation, including assurances against prosecution for compliant companies. This marks a departure from the DOJ’s historically aggressive extraterritorial enforcement posture and reflects a broader political philosophy that seeks to reduce regulatory burdens on businesses. However, this recalibration introduces new strategic considerations for general counsel, particularly in assessing when and how to engage with enforcement authorities.
Latin America continues to be a focal point for anti-corruption efforts, with regional enforcement trends increasingly shaped by global developments. Despite the perceived softening of US enforcement, companies operating in Latin America remain under significant pressure to maintain robust compliance frameworks. The designation of cartel organisations as terrorist entities has heightened scrutiny, particularly in sectors with complex supply chains. Local enforcement regimes are also evolving, with Brazil and Chile introducing new liabilities for corporate misconduct. The variability of legal privilege and data protection laws across jurisdictions further complicates internal investigations, underscoring the need for tailored, jurisdiction-specific compliance strategies. Cross-border cooperation, particularly between UK, French, and Swiss authorities, is helping to fill the perceived enforcement gap left by the US.
Conclusion
The session underscored the dynamic and evolving nature of enforcement across the UK, US, and Latin America. In the UK, the SFO’s structured approach to case selection and corporate cooperation reflects a maturing enforcement environment, supported by growing inter-agency collaboration and international alliances. In the US, recent shifts in FCPA enforcement signal a recalibration of priorities—focusing on national interest and terrorism-linked conduct, while offering unprecedented incentives for corporate cooperation. Latin America remains a region of heightened scrutiny, where global enforcement trends and local regulatory developments converge to demand robust, jurisdiction-specific compliance strategies.
You can access all materials from the Annual Compliance Conference 2025 here.
Additional Guest Speaker:
David Knott (Case Controller, Serious Fraud Office, UK)
