Political Risk Latin America Blog @PolRiskLatam

BRIC countries pose special FCPA challenges for companies

Posted in News and Articles, Political Risk by politicalrisklatam on June 30, 2011

by Lisa Anderson for Trustlaw, June 27th, 2011.

As U.S. enforcement of the Foreign Corrupt Practices Act (FCPA) intensifies and the stringent U.K. Anti-Bribery Law takes effect on July 1, companies doing business in Brazil, Russia, India and China – the BRIC countries – face particular challenges, an expert said at a recent anti-corruption conference.

“BRIC is a very good place to start when starting to assess risk,” Bill Olsen, national investigations practice leader at Grant Thornton LLP, the U.S. member of the global audit, tax and advisory organization, said at the 6th FCPA and anti-corruption compliance conference.

“Each country presents unique risks due to the diversity of cultures, government structures, business practices and legal framework,” he said, speaking to an audience composed primarily of corporate lawyers and compliance officers at the two-day event.

Noting that the BRIC countries rank high in terms of corruption and bribery risk, Olsen emphasized that firms should make sure they not only give proper compliance training to their employees and can document that it was given, but also include compliance standards in their contracts with third parties.

In that way, “organizations can separate themselves from the actions of the individual,” he said.

“You need to look at bribery and corruption risks in each country you do business with,” he added. (continue reading… )


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