The Second Monaco Memo And Its Implications For Indian Companies

Introduction

On 15 September 2022, Lisa Monaco, Deputy Attorney General of the US Department of Justice announced significant revisions in the US Department of Justice's (DoJ) policy to pursue corporate crimes – the memorandum titled 'Further Revisions to Corporate Criminal Enforcement Policies Following Discussions with Corporate Crime Advisory Group' (Second Memo).¹ The Second Memo was published 11 months after the release of the first memorandum (First Memo),² in which the establishment of the Corporate Crime Advisory Group at the DoJ was announced, among certain other critical announcements.

The Second Memo supplements, reinforces, and reiterates existing DoJ policies, while introducing new key initiatives and policies, thereby leaning towards a more aggressive approach in dealing with instances of corporate crimes. The practical impact and implications of these initiatives on Indian corporations are yet to be seen.