Clifford Chance

To Disclose, Or Not To Disclose, DOJ Answers The Question

February 23, 2023

On February 22, 2023, the U.S. Department of Justice ("DOJ") Criminal Division announced the implementation of the new United States Attorney’s Offices’ Voluntary Self-Disclosure Policy ("VSD Policy"). This was expected, as we had advised in September 2022, Deputy Attorney General Lisa Monaco previously issued a memo ("Monaco Memo") directing each DOJ component that prosecutes corporate crime to draft and publicly share a self-disclosure policy to incentivize such self-disclosure. The VSD Policy takes effect immediately and creates a nationwide standard for how the U.S. Attorney's Office ("USAO") will determine whether a company has made a Voluntary Self-Disclosure ("VSD").

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