Brazil and Colombia ink deal to bolster fight against corruption

Brazil's Office of the Inspector General of the Union (CGU) and Colombia's Superintendency of Corporations signed a cooperation deal to enhance investigations and the application of istrative penalties on privately owned companies involved in wrongdoing.

According to the Brazilian agency, the memorandum ratifies that Brazilian and Colombia have common interest regarding the adoption of a unified policy for preventing and fighting the corruption of foreign officials in the form of bribery and other illicit acts.

“To make the practice feasible, the institutions have agreed to cooperate in mutual, prompt, and efficient fashion, by means of legal instruments in force in both countries—like the Anti-Corruption Law, in the case of Brazil,” the Brazilian authorities declared.

The agreement facilitates the exchange of data on inquiries into companies in both countries. One of the parties may assist the other in prevention, fighting and imposing penalties in cases involving the corruption of foreign public officials upon request.

Brazilian authorities expect to sign similar pacts with every Latin American nation with special legislation for holding firms able for corruption and combating international bribery at both civil and istrative levels.

Translated by Fabrício Ferreira