Welcome to Compliance & Corporate Ethics In Practice!

“In any event, there must be minimum internal controls, which ensure the permanent compliance with the regulations in force. Of course, the size of the institution cannot serve as an excuse for non-compliance with the rules laid down by the regulatory body for all market participants, regardless of the size of each.”

(Pablo Renteria, Director of the Brazilian Securities and Exchange Commission)

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Judge Moro to Become Justice Minister – Sergio Moro has accepted the invitation made by the President-elected Jair Bolsonaro to become the new Justice Minister. The Brazilian federal judge has been the driving force behind an anti-corruption probe known as Operation Car Wash. “The perspective of implementing a strong anti-corruption and organized anti-corruption agenda, with respect to the Constitution, the law and the rights, led me to make this decision”, he said in an official note. (The New York Times, 11.01.2018)

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Facebook fined by UK watchdog for Cambridge Analytica scandal – Facebook has been fined £500,000 by the Information Commissioner’s Office as a result of the Cambridge Analytica scandal, after allowing access to user information without sufficient consent. The fine, low when compared to company global revenue in 2017 ($40.7bn), was the maximum available to the regulator under old data protection legislation. The Information Commissioner found that the personal information of at least 1 million UK users was among harvested data and was consequently put at risk of further misuse. The Information Commissioner’s Office also insisted that the company could have faced a substantially higher fine of up to £1.2bn under the new regulatory system. (BBC, 10.25.2018)

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Former FIFA Council member banned from sports because of corruption – Kwesi Nyantakyi, a former FIFA Council member and chairman of the Ghana Football Federation, was banned from football for life after being filmed receiving bribes. Ethics Committee considered him guilty of bribery, corruption and conflict of interest. Nyantakyi was also fined 500,000 Swiss francs (about R $ 1,840 million). (Washington Post, 10.25.2018)

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To Know More
The concern with the prevention and combat of bribery and corruption practices is already a reality for many Brazilian companies. Internal procedures, mandatory certifications and good practices in operations have guaranteed the private sector relevant results in reducing illicit activities. In this context, strengthening these practices through the use of international standards can be a powerful tool to assist companies, ensuring the strengthening of good practices, providing clearer and more consistent communication to the board and top management, the chain supplies and employees. In this regard, we recommend reading the article “How to fight corruption within your company” by Ravi Venkatesan and Leslie Benton, published by Harvard Business Review. The article provides information about the ISO37001, issued by the International Organization for Standardization (ISO) in 2016, to help companies implement an anti-bribery management system and strengthen the controls they already have.

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Compliance Desk