Anthony S Barkow, Neil Barofsky and Thomas J Perrelli, Jenner & Block
This is an extract from the third edition of GIR's The Practitioner’s Guide to Global Investigations. The whole publication is available here.
In recent years, numerous prosecutorial authorities and regulators have come to see the installation of an independent monitor as a valuable tool when resolving an investigation into corporate wrongdoing. Monitorships have been used in matters covering an array of legal topics (from fraud and corruption to tax and privacy violations) and in an array of industries (from banking and energy to healthcare and housing) involving both private and government entities. And although the United States may have been the first country to regularly implement monitorships as part of the settlement process, as this guide demonstrates, they are becoming increasingly common throughout the world. As a result, even as the regulatory appetite for monitorships may ebb and flow in any particular jurisdiction, with their breadth of usage worldwide in so many areas, monitorships are here to stay. It is therefore critical that companies, legal practitioners and regulators understand how monitorships operate, what the best practices are, and what potential they have to effect lasting cultural change.
This guide provides an important roadmap to understanding these best practices for making monitorships effective. When performed correctly, and with the proper cooperation between the monitor and the monitoree, monitorships can be a valuable tool for implementing lasting corporate reform. An improvement of this kind serves the goals of the government and the corporation, which have a shared interest in ensuring that the company's misconduct is firmly in its rear-view mirror, and in instilling a positive corporate culture that will help the company avoid the perils of recidivism. By compiling insights from the leaders in the field, this guide is a key resource for anyone who wants to learn about this emerging area of legal practice.
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Global Investigations Review provides exclusive news and analysis and other thought-provoking content for those who specialise in investigating and resolving suspected corporate wrongdoing.