After more than seven years and $900 million in investigation costs, Walmart has finally struck a deal with the DOJ and SEC to resolve charges that it violated the FCPA’s accounting provisions in Mexico, China, India and Brazil. The world’s largest retailer will pay $282 million and retain a monitor. Although the high-profile settlement features familiar schemes, such as third parties paying bribes to obtain building licenses, it contains novel compliance and enforcement takeaways, such as a precedent-setting monitor agreement. We analyze this monumental case and share insight from top practitioners, including former senior DOJ officials Mark Mendelsohn and Fry Wernick, on what it signals about the government’s FCPA enforcement priorities and approach. Companion articles will look at the notable compliance features of the case, including the self-reporting, cooperation and monitor agreement. See “Wal-Mart CECO Discusses the Retailer’s Decision to Seek ISO 37001 Certification” (Mar. 21, 2018).