Most outsiders see Chile as the lowest risk country in the region when it comes to bribery and corruption, but something uncomfortable is afoot.
Archive of: FCPA / Bribery Act
Anti-corruption prosecutors in Lima have leaked a document that provides a snapshot of the detail that is emerging of the money flows at the heart of the Brazilian company’s international bribery scheme.
Odebrecht’s disclosure of bribery across the region will test each country’s political willingness and institutional autonomy to act on evidence of industrial-scale corruption.
A package of leniency deals poised to be signed by the construction giant’s executives with prosecutors will not only have consequences in Brazil, but also in several other countries in the region.
Prosecutors say bribes were managed using a software system which catalogued the amounts paid, the codenames of their recipients, how the payments were physically made, and in reference to which project.
Prosecutors allege that Aroch Mugrabi laundered up to COP700bn over the past 14 years through transactions centered on fictitious textile exports to Venezuela, where he also benefited from the official and parallel exchange rate differential.
The political opposition’s control of congress increases the chances that major corruption schemes involving foreign companies doing business in Venezuela become publicly exposed.
The detention of Esteves jolts - in spectacular fashion - the Lava Jato anti-corruption investigation into the sphere of Brazil’s financial services sector.
Financial fronts, or testaferros, for corrupt Venezuelan officials are fond of using accounts in the names of entities domiciled in offshore jurisdictions such as Panama, Aruba, Curaçao, BVI, Monaco and Hong Kong to squirrel away or launder the proceeds of their activities.
The multi-billion dollar bribery scandal swirling around Petrobras is causing ructions in Brazil, but graft on a similar—or greater—scale relating to oil companies is occurring elsewhere in Latin America.
Bribes totalling at least USD5m were paid through intermediaries domiciled in Panama into private bank accounts in Switzerland.
The Financial Intelligence Unit compiled for prosecution 87 separate dossiers detailing mechanisms that likely attempted to launder a total of MXN59bn, about USD4.4bn, during 2014.
Banks and companies dealing with Venezuela need to be extra vigilant for transactions and contracts involving intermediaries using offshore entities or accounts in these domiciles as these are at risk of being identified as linked to corruption and FCPA / Bribery Act violations.