Consequences of Financial Crime in the United States: A Three-Pronged Strategy to Combat Violent Financial Crimes

The rise in financial victimization via fraud has left a trail of devastation in its wake, wiping out lifetimes of savings for countless Americans. The consequences of financial crime are far-reaching and devastating, not only for individual victims but also for the stability of markets and the well-being of consumers.

A Comprehensive Strategy to Combat Financial Crime

In response to this crisis, the Department of Justice (DOJ) has unveiled a comprehensive three-pronged strategy aimed at deterring, prosecuting, and disrupting corporate and public corruption.

Deter and Prosecute Corporate Crime

The first prong of the strategy is to deter and prosecute corporate crime. The DOJ will aggressively pursue corporations that engage in illegal activities, as well as the individuals responsible for these crimes. This approach is designed to emphasize that corporations and their leaders must comply with the law and face consequences when they fail to do so.

• The FBI, along with the Criminal Division and U.S. Attorney’s Offices, will lead the Department’s corporate criminal enforcement efforts.
• The goal is to deter corporations from engaging in illegal activities and hold them accountable for any wrongdoing.

Combat Public Corruption

The second prong of the strategy focuses on combating public corruption. The DOJ remains committed to enforcing domestic anti-corruption laws targeting the criminal abuse and profiteering by federal, state, and local government officials.

• Through enhanced coordination with law enforcement partners and prosecutors nationwide, as well as expanded investigative analysis, the Department will disrupt efforts by government officials to criminally exploit their positions.
• The goal is to prevent government officials from using their positions for personal gain and restore trust in our public institutions.

Combat Corporate Corruption and Advance International Anti-Corruption Efforts

The third prong of the strategy involves combating corporate corruption and advancing international anti-corruption efforts. The DOJ will continue to develop relationships and work in parallel with foreign law enforcement partners to tackle complex international fraud, money laundering, and corruption schemes.

• This effort is critical because transnational corruption can empower corrupt regimes and destabilize foreign governments, posing significant threats to national security.
• The goal is to disrupt and dismantle global corruption networks and protect American interests abroad.

Measuring Success

The Department has established key performance indicators to measure the success of its strategy, including:

• Percentage of corporate criminal cases in which individual responsibility was evaluated
• Percentage of resolutions containing compliance reporting obligations
• Number of criminal disruptions or dismantlements in public corruption and fraud against the government
• Percentage of new contacts with foreign anti-corruption agencies that progress to mutual sharing of information or assistance or result in a new international corruption case

Restoring Trust and Protecting American Citizens

The DOJ’s comprehensive strategy is designed to address the devastating consequences of financial crime in the United States. By deterring, prosecuting, and disrupting corporate and public corruption, the Department aims to protect American citizens from the scourge of financial crimes and restore trust in our justice system.