One of the greatest areas of divergence between U.S. anti-corruption enforcement and that in the U.K. and other European jurisdictions is how enforcers view privilege. U.S. authorities have put significant effort into explaining how companies can cooperate in investigations without waiving privilege. The SFO’s new Corporate Co-operation Guidance (Guidance) on how to earn cooperation credit takes a different tack, suggesting that the SFO expects companies to waive privilege in order to fully cooperate. The Anti-Corruption Report spoke to several London-based attorneys to tease out what the language in the new Guidance means for companies considering cooperating with the SFO. See “SFO Guidance Moves Toward Transparency but Offers No Guarantees” (Sep. 18, 2019).