Page 20 - CORRUPTION LATAM

MoNTT GRoup MaGaziNE - 2024
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sanctions derived from conduct and activities harmful to the environment. Establishes fines and penalties for companies and individuals that commit environmental crimes, and imposes the obligation to repair the damage caused. Brazilian environmental legislation is one of the most rigorous in the world, reflecting the importance of environmental protection for sustainable development.
In short, directors and executives are responsible for implementing and monitoring the compliance program within the companies.
This responsibility includes:
-Creation and Implementation of Compliance policies: Develop clear and practical policies to ensure compliance with applicable laws and regulations. These policies must be communicated effectively to all employees and stakeholders. Compliance policies must cover all risk areas, including corruption, financial fraud, money laundering, and environmental compliance. -Monitoring and Auditing: Establish continuous monitoring and auditing processes to identify and correct possible violations. This includes carrying out internal audits and implementing control systems that allow irregularities to be detected. Monitoring processes must be reviewed and updated regularly to ensure their effectiveness and adaptability to regulatory and operational changes.
training and communication: Ensure that all employees are aware of compliance policies
and receive appropriate training. Continuing education on compliance standards is essential to maintain compliance and avoid violations. Training should be tailored to specific employee roles and include practical examples and relevant casestudies.
whistleblowing and investigation: Implement secure channels for reporting irregularities and conduct internal investigations when necessary. Directors and officers must ensure that all complaints are treated seriously and that corrective action is taken in a timely manner. Confidentiality and protection against retaliation are crucial elements for the effectiveness of reportingchannels.
applicable Sanctions
In the event of non-compliance with the rules, both the company and its directors and executives may be subject to sanctions. These include:
For the company:
- Fines: The Anti-Corruption Law provides for fines of up to 20 per centr of the company’s annual gross turnover, while the Environmental Crimes Law provides for fines that can vary from
R$ 50.00 to R$ 50,000,000.00 (US$9.00 to 8,900,000). Fines are calculated based on the severity of the violation, the degree of culpability, the financial situation of the company and the damage caused. - Publication of the Decision: The company may be required to publish the condemning decision in widely circulated media. The publication of
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