Page 37 - CORRUPTION LATAM

MONTT GROUP MAGAZINE - 2024
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involving the Brazilian construction company Odebrecht in practices of corruption of officials, bribery and influence peddling, carried out to secure public works contracts, this being our point of inflection that has had profound implications for regulatory compliance in the country, promoting reforms and significant changes in the way in which companies manage the risk of corruption, promote transparency and good corporate governance.
These regulatory changes prompted investigations by the Public Ministry, the Financial Intelligence Unit (UIF) and the Comptroller General of the Republic, reforms that not only respond to the growing demand for integrity in business, but also align the country with the international standards of good corporate practices.
Next, we analyze the most relevant changes and their impact on the business sector:
Law no 30.424 and its Modifications
Enacted in 2016, Law No 30.424 marked a milestone by establishing the administrative responsibility of legal entities for crimes of corruption, money laundering and terrorist financing. This standard introduced the obligation for companies to implement crime prevention models, known as compliance programs, to mitigate risks and promote ethics in their operations.
expansion of crimes and regulatory Strengthening
With Legislative Decree No 1.352 (promulgated in 2017), the crimes covered by Law No 30.424 were expanded, including generic active bribery and influence peddling. Subsequently, Legislative Decree No 1.385 (in force since 2018) incorporated the liability of legal entities for corruption crimes between private parties, reflecting a broader commitment to combat all forms of corruption in the corporate sphere.
implementation of prevention Models SupremeDecreeNo 002-2019-JUSestablishedclear criteria and procedures for the implementation and evaluation of crime prevention models. This regulation highlights the importance of adapting these models to the reality of each company, considering its size, nature and sector.
many remember the odebrecht case, one of the biggest corruption scandaLs in Latin america that Was a turning point that has had profound impLications for reguLatory compLiance in the country, driving reforms and significant changes in the Way companies manage the risk of corruption, promote transparency and good corporate governance.
In addition, it highlights the need to establish effective control and surveillance measures, as well as the designation of a compliance officer responsible for supervising their implementation.
towards an adequate
System for companies
Considering today’s dynamic environment, the implementation of robust and effective compliance programs is essential to ensure transparency, ethics and compliance with legal regulations; but the real challenge lies in the evaluation and continuous improvement of these programs to adapt to new realities and emerging risks, being necessary to go one step ahead of the implementation of a Crime Prevention System, configuring a scheme with the capacity to resolve or mitigate any type of contingency that a company may face, whether the commission of a crime, the commission of an infraction at the administrative level, and even the protection of intangible assets as well as the corporate core.
The continuous evaluation and improvement of compliance programs is essential to ensure their long-term effectiveness. This involves not only the initial implementation of policies and procedures, but also their periodic review to identify areas for improvement and adapt to regulatory and operational changes. Now, it is necessary to briefly point out the key components of continuous evaluation and improvement: Monitoring and internal audits
Regular internal audits are essential to evaluate the effectiveness of compliance programs, these audits should be carried out by independent teams within the organization to ensure an
compliance
business
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