United States - Market Insights (Enforcement)

US white-collar enforcement trends 2025–2026

Since the start of President Trump’s second administration, white-collar enforcement priorities have shifted across government agencies. Recent enforcement activity reflects an “America First” emphasis on national security and US commercial interests, individual accountability, interagency coordination, and resource constraints. The fluid nature of current US priorities and objectives, coupled with significant departures of experienced professionals across each of these agencies, has resulted in a government approach to enforcement that is more event-driven than principles-based.

Department of Justice (DOJ)

Recent DOJ activity has refocused on trade and customs fraud, sanctions and export controls, healthcare fraud, and cartels and transnational criminal organizations, particularly where US government programs or companies are affected. The DOJ has also emphasized individual accountability and criminal resolutions tied to national security and US economic interests.

Trade fraud. In 2025, the DOJ identified trade fraud, customs violations, and tariff evasion as enforcement priorities. The then-Criminal Division Head, Matthew Galeotti, underscored this focus in May 2025 in the Memorandum on Focus, Fairness, and Efficiency in the Fight Against White-Collar Crime from Matthew R. Galeotti to the Criminal Division Personnel at the Department of Justice, 3–4 (May 12, 2025), and the DOJ formalized it in August 2025 with the creation of a Trade Fraud Task Force (see Press Release, Department of Justice, Department of Justice and Homeland Security Partnering on Counter-Agency Trade Fraud Task Force (August 29, 2025), www.justice.gov/opa/pr/departments-justice-and-homeland-security-partnering-cross-agency-trade-fraud-task-force). The DOJ has pursued tariff evasion through criminal enforcement under the False Claims Act and section 301 of the Trade Act of 1974. In 2025, the DOJ brought six FCA customs fraud cases — four involving countervailing duty evasion — including a USD 6.8 million July 2025 settlement with Global Plastics LLC and Marco Polo International LLC for falsifying country-of-origin declarations to evade section 301 duties on Chinese-origin goods (see Press Release, Department of Justice, Justice Department Resolves Criminal Trade Fraud Investigation with Plastic Resin Distributor; Former Executive Agrees to Plead Guilty (December 18, 2025), www.justice.gov/opa/pr/justice-department-resolves-criminal-trade-fraud-investigation-plastic-resin-distributor).

Sanctions and export controls. US economic sanctions and export controls increasingly function as a front-line white-collar enforcement priority, particularly where conduct involves diversion, shell intermediaries, and falsified shipping or end-use documentation. These matters can begin as civil matters under the jurisdiction of the Office of Foreign Assets Control (OFAC) for sanctions and Bureau of Industry and Security (BIS), but become criminal investigations when the DOJ identifies evidence of willful misconduct. Companies should anticipate enhanced scrutiny of distribution networks, activity in high-risk transshipment jurisdictions, and payment channels that obscure counterparties.

Cartels in Latin America. In February 2025, former Attorney General Pam Bondi directed the DOJ to pursue the “total elimination” of cartels and TCOs. In parallel, the US Secretary of State designated 26 groups as Foreign Terrorist Organizations (FTOs). These designations have enabled the DOJ to charge parties providing material support to FTOs. In March 2026, the DOJ charged six Chinese nationals and two Chinese companies for narcotics and money laundering conspiracies. Certain defendants were also charged with providing material support to an FTO based on alleged efforts to sell chemical precursors to a member of an FTO (see Press Release, United States Attorney’s Office Southern District of Ohio, Grand Jury charges additional Chinese nationals & pharmaceutical companies with drug trafficking & money laundering conspiracies, attempting to provide material support to a foreign terrorist organization (March 25, 2026), www.justice.gov/usao-sdoh/pr/grand-jury-charges-additional-chinese-nationals-pharmaceutical-companies-drug).

Parallel actions by OFAC have targeted the same cartels, illustrating the Administration’s coordinated approach.

Then-Deputy Attorney General Todd Blanche also directed the DOJ to pursue Foreign Corrupt Practices Act (FCPA) cases with cartel-related nexuses (see the Memorandum on Guidelines for Investigations and Enforcement of the Foreign Corrupt Practices Act (FCPA) from the Deputy Attorney Todd Blanche to the Head of the Criminal Division of the Department of Justice, 2 (June 9, 2025)). In November 2025, the DOJ announced an FCPA resolution with TIGO Guatemala and alleged that certain bribe payments made to Guatemalan officials originated from narcotrafficking proceeds (see Deferred Prosecution Agreement, 33, United States v. Communicaciones Celulares S.A. (CC), No. 25-CR-20476-JB (S.D. Fla. November 12, 2025)).

Digital currency. The DOJ has signaled a narrower approach to digital asset enforcement (see Memorandum on Ending Regulation by Prosecution from Deputy Attorney General Todd Blanche to all Department of Justice Employees, 4 (April 7, 2025)). Specifically, the DOJ has deprioritized purely technical compliance violations, instead focusing on conduct that “victimize[s] digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing” (see CC at 1).

In 2025, the DOJ launched the Scam Center Strike Force, an interagency initiative targeting largescale cryptocurrency fraud schemes, including “pig butchering” scams — originating in Southeast Asia (see Department of Justice Scam Center Strike Force (March 27, 2026), www.justice.gov/usao-dc/scam-center-strike-force). As of March 2026, the DOJ reported seizures exceeding USD 630 million linked to these schemes (see Press Release, Department of Justice, D.C. Scam Center Strike Force Seizures of Cryptocurrency from Chinese Transnational Criminals Tops USD 580 million (February 26, 2026), www.justice.gov/usao-dc/pr/dc-scam-center-strike-force-seizures-cryptocurrency-chinese-transnational-criminals-tops).

National Fraud Enforcement Division. In January 2026, the Trump Administration announced the creation of the National Fraud Enforcement Division within the DOJ Criminal Division. The purpose of this division is to “zealously investigate and prosecute those who steal or fraudulently misuse taxpayer dollars,” including fraud against US federal programs, businesses, and citizens with particular focus on government benefits fraud, healthcare fraud and procurement fraud (see Department of Justice Office of the Acting Attorney General, Creation of the National Fraud Enforcement Division (April 7, 2026), www.justice.gov/ag/media/1435311/dl?inline).

US Securities and Exchange Commission (SEC)

The SEC has returned to core enforcement principles centered on fraud and investor harm, with increased attention to cross-border misconduct and foreign private issuers (FPIs).

Return to traditional SEC initiatives. SEC Chairman Paul Atkins has emphasized a return to “basics” of SEC enforcement and a departure from “regulation by enforcement.” Most recently, Chairman Atkins stated a focus on “first principles” of SEC enforcement, specifically fraud and investor harm, in his testimony before the US House Financial Services Committee, (SEC (February 11, 2026), www.sec.gov/newsroom/speeches-statements/atkins-testimony-hfsc-021126).

Focus on non-US companies and cross-border activity. Additionally, the SEC has prioritized cross-border activity and misconduct by foreign investors.

• The SEC has focused on FPIs. In June 2025, the Commission published a report highlighting dramatic shifts in the FPI landscape, noting the “United States is [now] effectively [FPIs] exclusive or primary trading market” (see Fact Sheet, Concept Release Regarding Foreign Private Issuers, SEC, 2, www.sec.gov/files/33-11376-fact-sheet.pdf). The SEC subsequently issued a “concept release” soliciting public comment on the definition of FPI.
• In September 2025, the SEC announced the formation of a task force to identify cross-border fraud harming US investors. The task force “will examine potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique investor risks” (see Fact Sheet, Concept Release Regarding Foreign Private Issuers, SEC, 2, www.sec.gov/files/33-11376-fact-sheet.pdf).

In December 2025, President Trump signed the Holding Insiders Accountable Act (HIAA), which requires officers and directors of FPIs (an issuer organized under the laws of a foreign jurisdiction qualifies as a “foreign private issuer” if non-US residents hold 50% or more of its voting stock. However, even if US residents hold 50% or more of the voting stock, the issuer will still qualify as an FPI if none of the following apply: “(i) the majority of the executive officers or directors are US citizens or residents; (ii) more than 50 percent of the assets of the issuer are located in the US; or (iii) the business of the issuer is administered principally in the US” (see 17 C.F.R. § 240.3b-4)) to disclose their beneficial ownership in the company’s securities, as well as any changes to their beneficial ownership in the company’s equities. This change signals heightened regulatory scrutiny directed at corporate executives.

Commodity Futures Trading Commission (CFTC)

The CFTC has reduced enforcement volume while refocusing on fraud, market manipulation, and misconduct in the energy and digital asset markets.

Departure from “regulation by enforcement”. In February 2025, then-Acting Chairman Pham announced a sweeping reorganization of the CFTC’s Division of Enforcement (DOE) task forces, aimed at “refocus[ing] on fraud and helping victims” and ending “regulation by enforcement” (see Press Release No. 9044-25, Commodity Futures Trading Commission, CFTC Division of Enforcement to Refocus on Fraud and Helping Victims, Stop Regulation by Enforcement (February 4, 2025), www.cftc.gov/PressRoom/PressReleases/9044-25). The DOE’s nine task forces were consolidated into two: the Complex Fraud Task Force and the Retail Fraud and General Enforcement Task Force. In March 2025, Pham introduced a 30-day “enforcement sprint,” encouraging market participants to resolve outstanding compliance-related matters (see Caroline D. Pham, Acting Chairman, Keynote Address at FIA BOCA50, Commodity Futures Trading Commission (March 11, 2025), www.cftc.gov/PressRoom/SpeechesTestimony/opapham13). As a result, in September 2025, the CFTC simultaneously filed and settled six compliance-related actions against 10 firms, resulting in USD 8.3 million in civil monetary penalties (see Press Release No. 9114-25, Commodity Futures Trading Comm’n, Acting Chairman Pham Announces Successful Completion of Enforcement Sprint (September 4, 2025) www.cftc.gov/PressRoom/PressReleases/9114-25). In announcing the settlements, a CFTC official noted that the effort enabled the agency to conserve resources, clear its docket, and refocus enforcement efforts on fraud and serious misconduct.

Leadership transition. In December 2025, the Senate confirmed Michael Selig as the CTFC’s Chairman. Selig is expected to continue the Commission’s recent emphasis on curbing regulation through enforcement, although he has acknowledged the need to have a “a strong cop on the beat” (see S. Event No. 337642, 119th Congress (2025–2026), www.congress.gov/event/119th-congress/senate-event/337642/text). Current priorities for the CFTC’s DOE include: market manipulation in energy markets, market abuse and disruptive trading more broadly, insider trading including in prediction markets, Ponzi schemes and related fraud, willful violations of anti-money laundering, and “know your customer” requirements in areas subject to CFTC jurisdiction (see Remarks of David I. Miller, CFTC Director of Enforcement, at NYU Law School, March 31, 2026).

Financial Crimes Enforcement Network (FinCEN)

FinCEN has taken an assertive role through section 311 authority, the FEND Off Fentanyl Act, and data-driven supervision to isolate high-risk actors from the US financial system.

Assertive use of toolkit to further administration priorities. In June 2025, FinCEN took unprecedented action, issuing orders against three Mexican banks for their alleged role in facilitating illicit opioid trafficking (Leah Moushey et al., “FinCEN Orders Now in Effect: Risk Mitigation Strategies for Financial Institutions and Companies Operating in Latin America (and Beyond),” Miller and Chevalier (October 22, 2025), www.millerchevalier.com/publication/fincen-orders-now-effect-risk-mitigation-strategies-financial-institutions-and). The orders effectively barred US financial institutions from sending or receiving funds to and from CIBanco, Intercam, and Vector and their affiliates in Mexico and severed the banks’ access to the US financial system.

FinCEN has also relied on section 311 of the USA PATRIOT Act to isolate high‑risk actors from the US financial system including to cut off Cambodia-based Huione Group for laundering proceeds from virtual‑currency scams linked to malicious cyber actors (Financial Crimes Enforcement Network, FinCEN Issues Final Rule Severing Huione Group from the US Financial System (October 14, 2025), www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system), and to target 10 Mexico‑based gambling establishments associated with cartel activity (Financial Crimes Enforcement Network, FinCEN Combats Financial Support to the Sinaloa Cartel by Finding Transactions Involving 10 Mexico-based Gambling Establishments to be of Primary Money Laundering Concern (November 13, 2025), www.fincen.gov/news/news-releases/fincen-combats-financial-support-sinaloa-cartel-finding-transactions-involving). In February 2026, FinCEN proposed — for the first time — a section 311 measure against Swiss-based MBaer Merchant Bank AG to sever MBaer’s access to the US financial system for alleged financial support to Russia and Iran-related actors (Financial Crimes Enforcement Network, Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to US Financial System (February 26, 2026), www.fincen.gov/news/news-releases/treasury-proposes-rule-sever-swiss-bank-mbaers-access-us-financial-system).

Supervisory guidance and outlook. FinCEN has issued public advisories and financial trend analyses focused on these issues. Since January 2025, FinCEN has issued six alerts, three of which focus on activity along the US Southwest Border, including bulk cash smuggling by TCOs (Financial Crimes Enforcement Network, FinCEN Issues Alert on Bulk Cash Smuggling and Repatriation by Mexico-based Transnational Criminal Organizations (March 30, 2026), www.fincen.gov/news/news-releases/fincen-issues-alert-bulk-cash-smuggling-and-repatriation-mexico-based), cartel‑linked oil smuggling (see Financial Crimes Enforcement Network, FinCEN Issues Alert on Oil Smuggling Schemes on the US Southwest Border Associated with Mexico-Based Cartels (May 1, 2025), www.fincen.gov/news/news-releases/fincen-issues-alert-oil-smuggling-schemes-us-southwest-border-associated-mexico), and “cross-border funds transfers involving illegal aliens” (see Financial Crimes Enforcement Network, FinCEN Issues Alert on Cross-Border Funds Transfers Involving Illegal Aliens (May 1, 2025), www.fincen.gov/news/news-releases/fincen-issues-alert-cross-border-funds-transfers-involving-illegal-aliens). Two of FinCEN’s four financial trend analyses addressed cartel-related illicit finance (see Financial Crimes Enforcement Network, Financial Trend Analysis, Fentanyl-Related Illicit Finance: 2024 Threat Pattern & Trend Information (April 2025), www.fincen.gov/system/files/shared/FinCEN-FTA-Fentanyl.pdf; Financial Trend Analysis, Chinese Money Laundering Networks: 2020–2024 Threat Pattern & Trend Information (August 2025), www.fincen.gov/system/files/2025-08/4000-10-INV-144549-S3F6L-FTA-CMLN-508.pdf) while another examined Iranian shadow banking practices (see Financial Crimes Enforcement Network, Financial Trend Analysis, Iranian Shadow Banking: Trends in Bank Secrecy Act Data (October 2025), www.fincen.gov/system/files/2025-10/FTA-Iranian-Shadow-Banking.pdf).

In December 2025, FinCEN announced an operation targeting money services businesses operating along the Southwest Border, resulting in six notices of investigation, examination referrals to the IRS, and more than 50 compliance outreach letters (see Press Release, Department of the Treasury, FinCEN Announces Data-Driven Border Operation to Address Potential Money Laundering (December 22, 2025), home.treasury.gov/news/press-releases/sb0344). These actions underscore two themes in FinCEN’s approach: the use of data and technology to drive BSA compliance, and a focus on disrupting cartel-linked money laundering.

Conclusion

These developments point to a more targeted, security-driven, and individualized enforcement environment marked by tighter resources but sharper priorities. Companies operating across borders, in regulated industries, or with complex supply chains should expect continued coordination among US regulators, with heightened scrutiny of individuals and intermediaries. In this environment, early risk identification, credible compliance programs, and experienced counsel are essential to navigating investigations and parallel exposure and positioning matters for efficient resolution.