Welcome back to the podcast, Brib, Swindle, or Steel.

I'm Alexandra Rogge, and today we're talking about the recent Department of Justice

Guidance, the Monaco Memo, now that the compliance community has had a little time to consider

and debate it.

My guest is Dan Kahn. Dan is known to most of you.

He's a partner with Davis-Poke, but prior to joining the firm, he was acting deputy assistant

attorney general of the criminal division and chief of the fraud section and chief of the

FCPA unit. Dan played a central role in developing enforcement policies on the FCPA,

corporate enforcement,

compliance, and monitors. He worked with authorities around the world and tried a number of cases

to verdict. So I'm very keen to hear his thoughts on this memo. Dan, welcome. Thank you so much.

We've had a couple of months with this now, and there's been a lot of chatter in compliance and

enforcement circles. Why don't you talk us through what you see is the key takeaways, perhaps

starting with cooperation credit? Cooperation credit is one where there is some new stuff and a lot of

old stuff. And so I think starting with the old, because I think it's a lot easier to

address, there is the reversion to the Yates memo, which we heard from the Deputy Attorney General

about a year ago as well. And that was reiterated, the notion that in order to receive full

cooperation credit, a company would need to provide all information related to all the individuals who

are involved in the misconduct.

What is also not new is this expectation that the company and defense counsel will turn over

evidence and information promptly.

What is new is there was a little bit of a gauntlet thrown down by the deputy

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