RK&O founding partner Lee S. Richards III recently contributed to the NYU Law Compliance & Enforcement blog, addressing American law enforcement’s focus on cooperation and self-reporting. While this is generally accepted by U.S. counsel, many private lawyers in other countries find the imperative to cooperate quite strange.
While Mr. Richards noted that self-reporting is still not practiced abroad, many foreign governments are embracing the American enforcement approach, especially in joint investigations. For instance, when American and British agencies began the Libor Investigations, the American demand for cooperation was embraced by both parties. Mr. Richards also suggested that as foreign agencies learn and adapt more from the American approach, that it is worth questioning the wisdom of a system that so heavily depends on cooperation and self-reporting and whether there comes a point where that focus goes too far.