New DOJ Policy Means More Clarity for White Collar Corporate Enforcement Matters
Date: 05/19/25
In remarks delivered on May 12, 2025, at the Securities Industry and Financial Markets Association’s (“SIFMA”) Anti-Money Laundering and Financial Crimes Conference, the Head of the Criminal Division at the Department of Justice (“DOJ”), Matthew Galeotti, announced a new white collar corporate enforcement plan (the “Enforcement Plan”) entitled “Focus, Fairness, and Efficiency in the Fight Against White-Collar Crime.” Mr. Galeotti explained to conference attendees that, “[w]e are here to prosecute criminals, not law-abiding businesses.” Concurrent with his speech, Mr. Galeotti issued a memorandum on the Enforcement Plan and also revised the Justice Department’s Justice Manual’s Criminal Division Corporate Enforcement and Voluntary Self-Disclosure Policy. The new Enforcement Plan crystalizes DOJ policy and provides clear incentives for companies to promptly self-disclose and cooperate with investigators, including assurances from DOJ that when properly done, self-disclosures accompanied by appropriate cooperation, remediation, and no aggravating circumstances “shall” result in criminal prosecution declinations.
The Enforcement Plan lists ten “high-impact areas” where the Criminal Division will prioritize investigating and prosecuting white-collar crimes. These enumerated categories are:
- Waste, fraud, and abuse, including health care fraud and federal program and procurement fraud that harm the public fisc;
- Trade and customs fraud, including tariff evasion;
- Fraud perpetrated through variable interest entities (such as trusts, joint ventures, etc.), including, but not limited to, offering fraud, “ramp and dumps,” elder fraud, securities fraud, and other market manipulation schemes;
- Fraud that victimizes U.S. investors, individuals, and markets including, but not limited to, Ponzi schemes, investment fraud, elder fraud, servicemember fraud, and fraud that threatens the health and safety of consumers;
- Conduct that threatens the country’s national security, including threats to the U.S. financial system by gatekeepers, such as financial institutions and their insiders that commit sanctions violations or enable transactions by cartels, transnational criminal organizations (“TCO”), hostile nation-states, and/or foreign terrorist organizations;
- Material support by corporations to foreign terrorist organizations, including recently designated cartels and TCOs;
- Complex money laundering, including Chinese money laundering organizations, and other organizations involved in laundering funds used in the manufacturing of illegal drugs;
- Violations of the Controlled Substances Act and the Federal Food, Drug, and Cosmetic Act, including the unlawful manufacture and distribution of chemicals and equipment used to create counterfeit pills laced with fentanyl and unlawful distribution of opioids by medical professionals and companies;
- Bribery and associated money laundering that impact U.S. national interests, undermine U.S. national security, harm the competitiveness of U.S. businesses, and enrich foreign officials; and
- As provided by the Digital Assets DAG Memorandum: crimes (1) involving digital assets that victimize investors and consumers; (2) that use digital assets in furtherance of other criminal conduct; and (3) involving willful violations that facilitate significant criminal activity. Cases impacting victims, involving cartels, TCOs, or terrorist groups, or facilitating drug money laundering or sanctions evasion shall receive highest priority.
CGR Alert - New DOJ Policy Means More Clarity for White Collar Corporate Enforcement Matters.pdf (pdf | 393.89 KB )