The U.S. has taken the lead in anti-corruption efforts through its vigorous enforcement of the Foreign Corrupt Practices Act (FCPA), and in recent years, regulators around the globe have started to follow suit. See “Anti-Bribery Compliance for Private Fund Managers,” Hedge Fund Law Report, Vol. 4, No. 39 (Nov. 3, 2011). This article, the first in a two-part series, identifies the two primary types of corruption risks faced by hedge fund managers, summarizes fundamental provisions of the FCPA and highlights key points from a recent program on the current U.S. and global anti-corruption enforcement climate. The program featured Kimberly A. Parker and Erin G.H. Sloane, both partners at WilmerHale. The second article will discuss FCPA risks of particular concern to hedge fund managers, as identified by Parker and Sloane, and summarize recent FCPA enforcement actions involving financial institutions.