Issuance of the second "Monaco Memo" by the Department of Justice in October 2022, which places an even greater emphasis on self-reporting of wrongdoing by corporations, has reignited discussion about the propriety of disclosure to government agencies. Perhaps some of the greatest debates between outside counsel and their corporate clients occur over issues of whether to self-report and, if so, the timing and manner of doing so. Direct and collateral consequences need to be considered, often requiring a complex and nuanced analysis.