The backlash from the 2008 global financial crisis continues
to emerge. Senior accountability and individual responsibility
have steadily risen in prominence for regulators and
enforcement agencies around the world, and high-profile
enforcement actions mean it is now a board-level issue.
According to the Fraud Section at the US Department of
Justice (DoJ), 406 individuals were charged criminally in
various corporate enforcement actions in 2018, as compared to
301 in 2017, 300 in 2016, and 225 in 2015. Of those, 31
individuals were charged with offences under the Foreign
Corrupt Practices Act (FCPA) in 2018, as compared to 24 in
2017, and 17 in 2016. These upward trending numbers appear to
indicate that the Yates Memo directive to hold individuals
accountable for corporate wrongdoing has gained traction within
the DoJ over the last three years.
Issued in September 2015, the Yates Memo announced several
policy changes designed to strengthen...