DOJ Criminal Division Reveals New White-Collar Crime Enforcement Priorities and Corporate Enforcement Policies

The U.S. Department of Justice's ("DOJ") Criminal Division published a memorandum on May 12, 2025, detailing new white-collar enforcement priorities and policies. DOJ's Memorandum, titled "Focus, Fairness, and Efficiency in the Fight Against White-Collar Crime," builds upon the Trump Administration's executive orders and prior policy memoranda and reflects a considerable shift in DOJ's approach to white-collar criminal enforcement. It introduces a list of enforcement activities that the Criminal Division will prioritize moving forward and also announces changes in DOJ's policies on monitorships and voluntary self-disclosure. While the Memorandum indicated that DOJ would remain focused on combating white-collar crime, it will do so in a more measured manner. Matthew R. Galeotti, head of the Criminal Division, noted in recent remarks that the changes are "aimed at incentivizing [corporations] to come forward, come clean, reform, and cooperate with the government in efficient investigations and prosecutions of the most culpable actors."

New Areas of Focus

The Criminal Division outlined 10 "high-impact areas" that will be the focus of the Criminal Division's corporate crime investigations and prosecutions moving forward. Specifically:

• Waste, fraud, and abuse involving federal programs, including healthcare and government procurement fraud;
• Trade and customs fraud, including tariff evasion;
• Fraud perpetrated through Chinese variable interest entities (VIEs), including elder fraud and securities fraud;
• Fraud that victimizes U.S. investors, individuals, and markets, including Ponzi schemes;
• Threats to national security, including threats to the U.S. financial system;
• Material support to foreign terrorist organizations;
• Complex money laundering, including by Chinese money laundering organizations and other organizations involved in laundering funds associated with illegal drugs;
• Violations of the Controlled Substances Act and Federal Food, Drug, and Cosmetic Act, including conduct associated with fentanyl and unlawful distribution of opioids;
• Bribery that impacts U.S. national interests and enriches foreign corrupt officials; and
• Crimes involving digital assets that victimize investors and consumers or that involve facilitation of criminal conduct or sanctions evasion.

Across the board, the priorities lean more heavily toward protection of U.S. national security, veering into areas that were traditionally the focus of DOJ's National Security Division, consistent with the White House's general "America First" agenda. Companies operating in China should also note the explicit reference to Chinese companies operating on U.S. exchanges as carrying significant risk to the investing public, as well as the reference to Chinese money laundering organizations. And as a somewhat surprising move, the above list includes foreign bribery despite the Trump Administration's Executive Order 14209 pausing FCPA enforcement.

Expansion of Whistleblower Program

To further emphasize and mobilize enforcement in these areas, the Criminal Division's Corporate Whistleblower Awards Pilot Program will be expanded to include the following subject areas if tips lead to forfeiture: international cartels and Transnational Criminal Organizations; federal immigration law; terrorism; corporation sanctions; trade, tariffs, and customs fraud; and corporate procurement fraud. These revisions do not eliminate previously announced priority areas but rather provide a list of the highest priority areas for the program under the new administration.

Individual vs. Corporate Prosecutions

As with prior administrations, DOJ will continue to focus on individuals who are responsible for committing crimes. Prosecution of corporations will be discretionary as individual prosecution, along with civil and administrative remedies, may be deemed sufficient to address corporate misconduct. In determining whether to charge corporations, prosecutors will be required to consider additional factors such as the company's self-reporting, cooperation, and remediation efforts. Companies that self-disclose and cooperate will be offered shorter term Non-Prosecution Agreements (NPAs) and Deferred Prosecution Agreements (DPAs) and potential fine reductions. To the extent a corporation is under an existing NPA or DPA, prosecutors have been directed to review existing agreements to determine whether they may be eligible for early termination based on reductions in risk profile, remediation, maturity of compliance programs, and whether the misconduct was originally self-reported.

Streamlining Corporate Investigations

The Criminal Division will also prioritize efficiency in corporate investigations. Prosecutors have been directed to minimize the length and collateral impact of investigations, and generate charging decisions more quickly. To effectuate this, the use of monitors will also be streamlined. Specifically, prosecutors must evaluate:

1. the nature and seriousness of underlying misconduct and history of recidivism as it relates to U.S. interests;
   
   
2. whether the company is already regulated by another governmental entity;
   
   
3. whether the company has undertaken remediation and compliance steps; and
   
   
4. the maturity of the compliance program and internal controls, prior to requiring a monitor. If a monitor is required, the monitor's review must be narrowly tailored to address risk of recurrence and minimize unnecessary costs.

Corporate Enforcement & Voluntary Self-Disclosure Policy ("CEP")

The Memorandum also references revisions to the CEP. Notable changes include the following:

• Declination. There is no longer a mere presumption of declination. Instead, if a company voluntarily self-discloses misconduct,[1] fully cooperates with a DOJ investigation, remediates conduct, and the case involves no aggravating circumstances, declination appears to be automatic. Any company subject to declination will still be expected to pay the appropriate disgorgement or forfeiture and restitution. All declinations will be made public.
• "Near Miss" Voluntary Self-Disclosures or Aggravating Factors. The Memorandum announces a significant new policy providing a clear and significant benefit to companies that do not meet the declination standard. If a company self-reports but does not meet the requirements for voluntary self-disclosure, or if it has aggravating factors warranting criminal resolution, the Criminal Division must provide an NPA, limit resolution time length to fewer than three years, not require a compliance monitor, and provide for a 75% reduction of penalties from the low end of the U.S. Sentencing Guidelines range. Just as the declinations now appear automatic in the first category of cases, the benefits in "near miss" cases now appear to be automatic instead of subject to prosecutorial discretion as they were under previous administrations.
• All Other Cases. In all other cases, prosecutors will retain discretion to determine the appropriate resolution, including form, length, compliance obligations, and penalties. Monetary penalties will not be reduced by more than 50% of the low end of the U.S. Sentencing Commission Guidelines range. Prosecutors must evaluate the facts and circumstances of each case along with the company's recidivism, which is an aggravating factor.

Key Takeaways and Advice for Companies

• Government procurement, healthcare, and bribery will still be enforcement priorities for the Trump Administration. With bribery and FCPA enforcement, it is likely that there will be a focus on foreign companies and cases that involve threats to U.S. interests.
• Companies operating in certain industries will be under additional scrutiny by the Administration and the Criminal Division. Specifically, those operating in healthcare and/or any other industry that involves government procurement should be especially attentive to these changes. Companies in the supply chain, particularly those involved in international trade, should be vigilant on the customs and tariffs front. Finally, companies should be aware of the new whistleblower provisions associated with violations of federal immigration law.
• Companies should take note of the increased incentives being offered for voluntary self-disclosure. The more willing a company is to make early disclosure and cooperate, the more likely it is that the company will receive concessions from DOJ on penalties.
• The Criminal Division will be reviewing existing agreements to determine whether early termination is appropriate. Consider evaluating the progress made towards compliance with an existing NPA or DPA to become a better candidate for early termination.
• Effective compliance programs and internal controls remain as important as ever. This is an ideal point in time for companies to consider whether compliance programs are adequately resourced, consistent with best practices, and sufficient in light of the company's evolving risk profile. Companies should also evaluate whether compliance programs and internal controls are effective in their implementation. The implementation of an effective compliance program is key not only to preventing and detecting misconduct, but also to obtaining many of the benefits under the revised policies.