In August 2013, Brazilian President Dilma Rousseff signed Brazil’s Clean Company Act (BCCA), which becomes effective as of January 29, 2014.
The BCCA is the latest example of the globalization of anti-bribery and corruption regulation and will impact any organization conducting business in the country. Brazil has been a member of the Organization for Economic Cooperation and Development’s (“OECD”) Anti-Bribery Convention since 2000 and the United Nations Convention against Corruption since 2005, the law comes over five years after the OECD’s 2007 recommendation that Brazil strengthen its corporate liability laws on foreign bribery.
The BCCA brings the country in line with global anti-corruption efforts by:
- Permitting corporate liability for violative conduct and
- Imposing harsh financial and other types of sanctions
Ellen Zimiles, Joseph Spinelli and Jay Perlman provide expert analysis on the Brazil Clean Company Act and how it impacts businesses.