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Tuesday, October 05, 2010

Special Reports

Brazil: Corruption Costs $41 Billion

Corruption costs Brazil up to $41 billion a year, but progress is being made.

Presidential Chief of Staff Erenice Guerra resigned amid allegations that her son was offering companies help clearing regulatory hurdles and favors in public tenders in return for kickbacks. (Photo: Casa Civil)

Corruption is a major problem in Brazil, here represented by the country's national assembly in Brasilia, but less than its image.

BY ALASTAIR STEWART

SAO PAULO -- Talk to the average man on the street about corruption in Brazil and he will probably tell you it is endemic here. But while many in business share the public’s despair, they also point to the strides being made to combat graft as the country gains increased prominence as a global economic player.

“Corruption is widespread, says Wagner Giovanini, cluster compliance officer at Siemens in Brazil . “But Brazilians have a habit of exaggerating the problem. It is possible to run a business without resorting to bribes, if you are committed to doing so.”

A key driver to reduce corruption among companies has been a desire to do more business with international firms, which are bound by foreign anti-bribery laws.

A whopping 69.9 percent of Brazilian firms identify corruption as a major constraint, according ...

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Keywords: FIESP, Instituto Ethos, KLA Advogados, taxes, Transparencia Brasil

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