From an anti-corruption perspective, overseas joint venture (JV) investments can be a significant and often understated source of risk. While they can enable companies to enter new markets or pursue together those opportunities they cannot tackle alone, they give rise to shared risks and, in some cases, full liability for companies that fail to recognize and mitigate the dangers of high-risk jurisdictions. The risks are heightened where companies enter into JV arrangements with more limited knowledge of their partners. This first article of a two-part series article explores how liability can arise from JV arrangements under the FCPA. Part two will describe best practices for mitigating JV-related corruption risks. See “Assessing and Addressing FCPA Risk in Joint Ventures” (Feb. 16, 2022).