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Behind Brazilian Crackdown Lie Legal Reforms and Olympic Concerns: Expert
printTo understand why Brazilian officials and state-run companies are embroiled in multiple large-scale criminal investigations, look first to the seemingly modest reforms in recent years of the country's anti-corruption controls, according to Andrew Spalding, an assistant law professor at the University of Richmond. The investigation of state-run oil giant Petrobras and the ongoing attempt to impeach Brazilian President Dilma Rousseff, among other cases, share roots in the decision to outlaw the obstruction of investigations and in public concerns that government officials would mismanage the country's 2014 World Cup and the Summer Olympics this August. Spalding, is in the process of...
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International efforts to combat corruption associated with the political elite are only now beginning to bear fruit, buoyed by maturing anti-money laundering programs, say compliance consultants.
With an increased focus on fraud and corruption investigations, financial institutions can't afford to silo their separate compliance efforts, according to Jane Wexton, president of Wexton Advisors, a New York-based consultancy.
The United States is likely to ramp up penalties against financial institutions and other companies that have bribed Chinese officials to gain entry into the Asian market, including business involving the Olympics, say consultants.