The SEC and the DOJ’s April 30, 2018, announcements that Panasonic Corporation and U.S.-based subsidiary Panasonic Avionics Corporation have agreed to pay a total $280 million to settle allegations concerning FCPA and Exchange Act violations indicate that big settlements – and independent monitoring, at least for the subsidiary – are still very much in the offing in the Trump administration. The Anti-Corruption Report takes a closer look at what led to Panasonic’s relatively good deal just months after the new administration signaled in its new Corporate Enforcement Policy that it encourages voluntary disclosure – a step not taken in this matter. See our three-part series on the DOJ’s FCPA Corporate Enforcement Policy: “What’s New and What’s Not” (Jan. 10, 2018); “How Important Is the Presumption of Declination?” (Jan. 24, 2018); and “Cooperation and Compliance Expectations” (Feb. 7, 2018).