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The decade ended with fine totals for perennial powerhouse cartel enforcers like the U.S., EU, and Japan seeing a slight uptick from the historically low fine figures witnessed in 2017 and 2018. Other global enforcers, however, fared less well, continuing the trend of achieving markedly lower fine totals than they secured at the start of the decade.

While the cause of the general downward spiral in fine totals this past decade is unclear—whether because of cyclical enforcement trends, shifting political views, increased compliance, or other reasons—the trend is certainly not reflective of any less aggressiveness on behalf of enforcers. Indeed, enforcers across the world closed the decade much the way they began it: sharpening their enforcement tools, growing their global ranks, and looking to make examples out of non-cooperators. Among other ways global enforcers hope to improve their investigative outlook for 2020 is by sweetening cooperation incentives: enforcers in the United States and Russia implemented new measures to award credit to cooperators with effective compliance programs; regulators in Pakistan and the European Union introduced improved reporting systems, leveraging new online tools to improve the convenience of cooperation; authorities in Japan and Hong Kong loosened restrictions on the number of firms that can apply for leniency and/or receive cooperation credit; and newcomers like Zambia announced the launch of new amnesty programs.

Download the 2019 Global Cartel Enforcement Report»