Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices

CHAPTER 47

GLOBAL COMPLIANCE PROGRAMS IN LATIN AMERICA: MAJOR CHALLENGES AND LESSONS LEARNED

Pedro Fabiano

47.1 INTRODUCTION

47.2 POLITICAL AND BUSINESS CLIMATE

(a) Governance and Corruption

(i) The World Bank Governance Indicators

(ii) Transparency International's Corruption Perceptions Index

47.3 APPLICATION OF U.S. LAWS IN LATIN AMERICA

(a) The Foreign Corrupt Practices Act of 1977 and the Sarbanes-Oxley Act of 2002

(i) The Federal Sentencing Guidelines (FSG)

(b) The International Anticorruption and Good Governance Act (IAGGA)

47.4 INTERNATIONAL INITIATIVES

(a) The OECD Convention and the Revised Recommendation on Combating Bribery of Foreign Public Officials in International Business Transactions

(i) Inter-American Convention Against Corruption

(ii) United Nations Convention Against Corruption (UNCAC)

47.5 LESSONS LEARNED FROM CASE STUDIES

(a) Case Study #1

(b) Case Study #2

(c) Case Study #3

(d) Case Study #4

(e) Case Study #5

(f) Case Study #6

(g) Case Study #7

(h) Case Study #8

(i) Case Study #9

(j) Case Study #10

NOTES

47.1 INTRODUCTION

This chapter focuses on the challenges of implementing international and U.S. corporate governance requirements in Latin America. To this end, it briefly describes the political, economic, and business climate of the region considering authoritative sources and the experience of the author. U.S. laws that have extraterritorial scope and major international initiatives that apply to Latin America are also summarized. Finally, lessons learned ...