The SFO recently released new guidance which seeks to provide additional clarity and certainty to companies considering self-reporting criminal wrongdoing. The External Guidance on Corporate Co-Operation and Enforcement in Relation to Corporate Criminal Offending (2025 Guidance) has plenty of wiggle room built in, however, leaving companies with tough decisions to make about whether to come forward. The Anti-Corruption Report spoke with practitioners in London about the implications of the 2025 Guidance. This first article in a two-part series discusses the impact on self-reporting. Part two will examine the SFO’s expectations for corporate cooperation. See “The International Anti-Corruption Taskforce and U.S. FCPA Enforcement: A Look Ahead” (May 7, 2025).