The U.S. Department of Justice has terminated early two corporate monitorships imposed on Glencore plc as part of the mining giant’s 2022 settlement over foreign bribery and market manipulation, following an executive directive by President Donald J. Trump halting enforcement of the Foreign Corrupt Practices Act (FCPA).
The DOJ filed notice with the U.S. District Court for the Southern District of New York on March 19, confirming the conclusion of Glencore’s monitorships, which had been established under the terms of its $1.1 billion plea agreement resolving violations of the FCPA and commodity price manipulation statutes (DOJ Settlement, 2022).
The decision follows President Trump’s February 10 executive order mandating a 180-day suspension of FCPA enforcement to reassess its implications for U.S. economic and national security interests (White House Executive Order, 2025).
In a statement accompanying the court filing, DOJ prosecutors cited the President’s directive and their discretionary authority under the original plea terms as the basis for ending the monitorships. The monitors, initially appointed to oversee Glencore’s compliance reforms, had not yet completed their full terms. Jenner & Block's Katya Jestin and Ropes & Gray's Alex Rene were tapped by DOJ for three year monitorships in June 2023.
Glencore pleaded guilty in 2022 to a decade-long scheme involving over $100 million in bribes to foreign officials across multiple jurisdictions, including Nigeria, the Democratic Republic of the Congo, and Venezuela
When considering ethical and compliance decisions going forward, note that the Order does not repeal the FCPA, which is an act of Congress and remains binding law. Exposure for violations not disclosed and remedied may persist beyond the President's term of office.
Further, while the President has halted enforcement by the DOJ for 180 days, and he has not (yet) said anything about suspending the SEC’s civil enforcement of the FCPA.
However, recent developments suggest a potential shift in the SEC’s approach. Interim SEC Chair Mark Uyeda has indicated a move toward a less invasive regulatory role, aligning with the current administration’s emphasis on reducing regulatory burdens. Uyeda has said that the SEC is evaluating its enforcement activities, including those related to the FCPA, and plans to coordinate with the DOJ to ensure consistency in their positions
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