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    Jul. 29, 2026

A Primer on Trade Controls for Compliance Professionals: Definitions

As national security policy increasingly incorporates trade controls to advance foreign policy and strategic economic goals, companies face growing exposure to sanctions, export restrictions and customs enforcement. The picture is further complicated by new and continually changing tariffs and taxes on imports that can alter supply chain economics and commercial relationships. As a result, many compliance professionals may find themselves needing to brush up on – or learn for the first time – the fundamentals of trade controls. To assist, the Anti-Corruption Report has created this multi-part primer to ensure all compliance experts have their basics covered. This first part clarifies the aspects of and differences between common trade controls, including sanctions, export controls, customs, tariffs and other measures. Future articles will dive into who is at risk, the changing enforcement environment and how companies should build compliance frameworks to manage trade control risks. See “In-House Perspectives on Compliance’s Role in Managing New and Emerging Risks” (May 22, 2024).

Crime‑Fraud Exception: How the KKR Investigation Reshapes the Attorney‑Client Privilege

A recent federal court ruling underscores that attorney-client privilege can be pierced under the crime-fraud exception where there is evidence that otherwise protected communications or work product were used to further or conceal misconduct. In connection with ongoing criminal litigation that highlights the risks posed by such a scenario, the U.S. District Court for the District of Columbia ordered private equity firm KKR to produce to the DOJ otherwise privileged communications between the firm and its lawyers at Kirkland & Ellis. In this guest article, Olshan Frome Wolosky partner Derrelle Janey details relevant elements of the ongoing KKR investigation, the operative tenets of the crime-fraud exception to the attorney-client privilege, and the potential implications of the court order for M&A due diligence, corporate governance, regulatory compliance and fiduciary obligation management. See our two-part series on the FirstEnergy decision: “Reaffirming Upjohn’s Approach to Privilege in Internal Investigations” (Dec. 3, 2025), and “Best Practices for Preserving Privilege in Internal Investigations” (Dec. 17, 2025).

Disgorgement After Sripetch and the Future of SEC Enforcement for Fund Managers

The landmark decision by the U.S. Supreme Court (Court) in Sripetch v. SEC represents the latest chapter in the Court’s ongoing examination of the SEC’s disgorgement authority. On June 4, 2026, the Court unanimously held that the SEC can seek disgorgement as a remedy for securities fraud without showing that the investors or “victims” suffered pecuniary harm. Although the decision is unquestionably a victory for the SEC, it is not the sweeping endorsement of the Commission’s disgorgement powers that some headlines may suggest. This guest article by Nelson Mullins partner Benjamin Lajoie discusses Sripetch, explores how the decision fits within the evolving securities enforcement landscape and explains why it is important for fund managers to consider the decision when evaluating enforcement risk, responding to investigations and making strategic decisions concerning settlement and litigation. See “What ‘Back to Basics’ Under Chair Atkins Means for SEC’s Division of Enforcement” (Feb. 25, 2026).

Former SEC and CFTC Officials Unpack the 2026 Enforcement Landscape

Leadership transitions at regulatory agencies are inevitable following a change in presidential administration. In recent years, however, such turnovers have brought about wholesale reversals of enforcement approaches, policies and focus areas. At the May 2026 White Collar Crime Conference presented by the New York City Bar Association, blue-ribbon panels of former enforcement directors from the SEC’s Division of Enforcement and the Commodity Futures Trading Commission’s Division of Enforcement examined the significant changes and current enforcement landscape at each agency. This article synthesizes their observations. See “International Defense Counsel Reflect on the 2026 State of Global Enforcement” (May 20, 2026).

Covering the Bases to Manage Conflicts of Interest

Conflicts of interest can have enormous implications for the culture of ethics and compliance at any organization because they pose reputational and financial risk, especially to organizations lacking appropriate safeguards. Adequately managing conflicts is, therefore, an essential component of any strong corporate compliance program. This article distills insights from a June 2026 Practicing Law Institute panel that discussed the various types of conflicts that often arise and how companies can manage them. See “Managing Conflicts of Interest With Consistency and a Can-Do Attitude” (Feb. 12, 2025).

Barnes & Thornburg Adds Three Former Federal Prosecutors

Barnes & Thornburg has welcomed former federal prosecutors David Last, Jeff Ansley and Andrew Robbins as partners, strengthening the firm’s white collar, compliance and investigations practice. For commentary from Last, see “Perfectus’ Settlement of Qui Tam Civil Suit Is a Harbinger of Increased Tariff Enforcement” (Jun. 17, 2026).

A New Look. A New Logo. The Same Trusted Source.

This week's Anti-Corruption Report newsletter offers a glimpse of our refreshed visual identity and logo as part of our continuing integration into the ION Analytics family of products. Our updated branding will roll out to www.anti-corruption.com and other product touchpoints soon. While our branding is evolving, our content will remain unchanged: the same in-depth analysis of all things related to foreign corruption, including our expanding coverage of sanctions, trade controls and supply chain issues. We look forward to continuing to bring our subscribers authoritative insights with our updated aesthetic!

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