REUTERS/Amanda Andrade-Rhoades./File Photo Acquire Licensing RightsOct 4 (Reuters) - The U.S. Justice Department will not target companies that disclose wrongdoing they find by businesses they are buying in a bid to encourage more self-disclosure, the Deputy Attorney General said on Wednesday.
To get credit, companies must disclose the misconduct discovered at the other firm within six months of the deal closing, and they will have one year from closing to fully remediate, Monaco said.
The new program is the latest in a series of policy changes announced under President Joe Biden designed to simultaneously promote corporate compliance while holding bad actors more accountable.
Earlier this year, the Justice Department rolled out a new clawback program designed to have executives foot the bill for misconduct.
The agency has been boosting resources for corporate criminal enforcement, Monaco said when asked about a slowdown in enforcement.
Persons:
Lisa O, Monaco, Amanda Andrade, Rhoades, General, Lisa Monaco, Joe Biden, Chris Prentice, Andrew Goudsward, Bill Berkrot
Organizations:
Department of Justice, REUTERS, U.S . Justice, DOJ, Justice Department, Monaco, Albemarle Corp, Thomson
Locations:
Ukraine, Russian, Washington ,, Chicago, Monaco