Anti-Corruption Update: Proposed New Laws in Canada and Brazil Bolster International Efforts

Companies doing business in Brazil or Canada (or both) will want to read two recent updates regarding proposed legislation that would give authorities additional tools and greater powers to fight corruption in those countries. 

The first, from Osler, Hoskin & Harcourt LLP, provides an in-depth overview of proposed new laws that would strengthen Canada’s ability to fight money laundering and terrorist financing:

“On December 21, 2011, the Canadian federal government released a consultation paper containing certain proposals to strengthen Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislative framework… The amendments proposed by the Consultation Paper fall into the following categories:

1. strengthening customer due diligence standards;

2. closing gaps in Canada’s regime;

3. improving compliance, monitoring and enforcement;

4. strengthening information sharing in the regime;

5. introducing a list of potential countermeasures; and

6. updating reporting requirements.”

Read the full update, Canadian Government Proposes Comprehensive Amendments to Anti-Money Laundering Legislation»

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Brazil is also considering anti-corruption legislation that would “dramatically strengthen” its foreign bribery law. From contributor Matteson Ellis:

“This is a significant development – the result of years of effort by Brazilian authorities working closely with their OECD, United States, and other counterparts. It is also timely. Sophisticated Brazilian-based multinationals are quickly expanding internationally, and encountering corruption risk. At the same time, Brazil is grappling with corruption on the domestic front: the President’s administration has lost six Ministers to corruption allegations since June 2011, and the country consistently ranks high on corruption risk indices.”

Read his update, Another BRIC in the Anti-Corruption Wall» 

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