The message is clear: corruption enforcement remains a top priority, and companies, including those in Switzerland, cannot afford to be complacent. The new strategy sharpens the DOJ’s focus and adds a new dimension to ethics, compliance and integrity.

A more strategic, sectorial approach to enforcement – but not a softer one

The Blanche Memo follows President Trump’s directive by (1) limiting undue burdens on American companies operating abroad and (2) targeting enforcement actions against conduct that directly undermines U.S. national interests. The intention is to target the most serious threats, focusing on individual misconduct while limiting disruptions of investigations on businesses and employees.

FCPA prosecutors are now instructed to consider the following (non-exhaustive) factors when determining whether to pursue FCPA cases:

• Misconduct involving cartels or transnational criminal organizations (TCOs), including the use of shell companies or money laundering networks tied to them.
• Misconduct where the strategic interests of the U.S. are at stake, which is considered to be the case when law-abiding U.S. companies suffer serious economic disadvantages, where lucrative contracts and illicit profits are the result of bribery of foreign officials by competitors.
• Focus on the most urgent threats to U.S. national security resulting from bribery of foreign officials in sectors like defense, intelligence or critical infrastructure.
• Focus on high-impact cases: large bribes, sophisticated concealment, fraud, and obstruction of justice - not “de minimis or low-dollar generally accepted business courtesies”.

Why Swiss companies should take note

We note that there is no specific focus on foreign companies. Quite to the contrary, the Blanche Memo states that enforcement will focus on the nature of the conduct, not the nationality of the company or individual. But the DOJ will still pursue foreign companies if the misconduct touches U.S. interests. And some economic sectors are likely to be more in focus than others. We can think in particular of the following ones, which are naturally exposed to high-risk markets and often operate in regions dominated by cartels or TCOs:

• Natural Resources & Commodities.
• Infrastructure & Construction.
• Defense and Security, especially where dual-use technologies or activities intersecting with foreign governments or entities linked to cartels or TCOs are involved.
• Transportation and Logistics (shipping, aviation, and logistics are vulnerable to corruption that enables smuggling, human trafficking, or the movement of illegal goods by cartels and TCOs).
• Financial Services (Banks, payment processors, and other financial institutions).

Impact on the global enforcement landscape

The Blanche Memo arrives amid renewed global efforts in anti-corruption enforcement. The recent creation of a prosecutorial task force between the UK, France, and Switzerland underscores this trend and signals more international collaboration ahead.

And indeed, while the Blanche Memo directs DOJ prosecutors to prioritize cases with U.S. interests, it states that prosecutors "should also consider the likelihood (or lack thereof) that an appropriate foreign law enforcement authority is willing and able to investigate and prosecute the same alleged misconduct". Speaking at a conference on 10 June 2025, the head of the DOJ Criminal Division, Matthew Galeotti, further clarified that conduct that does not implicate U.S. interests should be left to prosecution authorities abroad.  He stressed that the DOJ would provide assistance to the relevant authorities.

In parallel, Mr Galeotti emphasized the importance for companies to self-report, cooperate and remediate, with declinations as incentives and swift, aggressive action in case of non-compliance. This reflects another global trend of enforcement authorities to reiterate the importance of voluntary self-disclosure and cooperation, like for example the UK Serious Fraud Office. Enforcement authorities are making it clear: if your organization uncovers wrongdoing, early and proactive cooperation can significantly shape the outcome.

What should Swiss corporates do?

Switzerland, like other countries, has felt the direct effects of U.S. enforcement actions. And that is unlikely to change. The DOJ’s message is unmistakable: enforcement is more selective, but not less determined. And the pressure could well mount given the increased cooperation among prosecution authorities across the globe.

Against this background Swiss companies should:

• Reassess compliance risk and align their policies in light of the DOJ’s new priorities, especially where operations concern high-risk regions or sectors.
• Ensure global coordination across compliance, legal, and business functions to detect and address potential red flags early.
• Prepare adequate response strategies if credible allegations arise - before the regulators knock.

The FCPA pause may be over, but the broader anti-corruption momentum is only accelerating. Swiss multinationals should expect continued scrutiny. The best defense remains to continue investing in robust, well-resourced ethics, compliance and integrity programs.