Brazil is doing more to keep its officials honest. The nation’s new anti-bribery law, the Clean Company Act, was signed into law last year, and became effective in January. The act was passed in response to claims of corruption throughout Brazil. Even without the recent charges of wrongdoing, Brazil was moving to adopt such a rule because such rules were supported by the Organization for Economic Cooperation and Development (OECD) countries, as well as the treaties and associations which include Brazil as a signatory.
Under the new rule, there are administrative and judicial sanctions. Fines are between 0.1 percent and 20 percent of a company’s gross revenue from the prior year. If gross revenue is not known, fines are between $3,000 and $30 million. The payment does not exempt a company from paying losses generated to the government as a consequence of its wrongdoings.