With the media reporting on corruption scandals in the Americas on almost a daily basis, the region has a reputation for being a high-risk compliance environment. But focusing on the negative often overshadows the positive developments underway in the region, such as the enactment of new anti-corruption legislation and increased use of anti-corruption compliance programs by regional and multinational companies. As a result, it is sometimes difficult to gain an accurate picture of the complex nature of corruption risk in the region.
With that challenge in mind, U.S. law firms Miller & Chevalier Chartered (Miller & Chevalier) and Matteson Ellis Law joined with 12 Latin American law firms in a survey of companies spanning 14 countries in the Americas to gain an understanding of the extent of corruption in countries throughout the region, the effects of corruption on companies operating in those countries, perceptions of the effectiveness of regional anti-corruption laws, and tools that companies are using to address corruption risks.
While some of the survey results showed remarkable consistency with a similar study Miller & Chevalier conducted in 2008, there were also notable differences suggesting a growing relevance of anti-corruption laws in the region, such as more attention to compliance and more widespread familiarity with the substance and reach of the U.S. Foreign Corrupt Practices Act (FCPA).
The complete results of the survey can be found in a comprehensive report available at Miller & Chevalier's website: