New Brazilian Corporate Anti-Corruption Law Takes Effect

The practice of bribery, defined as the request, receipt, offer or promise of undue advantage to a government officer or employee, described in Brazilian Laws nº 10.763/03 (which has added some language to the Criminal Code and modified language regarding the crimes of active and passive corruption), nº 8.429/92 (Administrative Improbity Law), nº 8.666/93 (Bidding Law) and nº 12.462/11 (Law of Differential Public Procurement Regime), are the subjects of a specific law related to corporate practice, namely Law nº 12.846/13.

The enactment of the mentioned law regards the Organization for Economic Coperation and Development’s (“OECD”) requirement that Brazil comply with the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

The Law nº 12.846/13, whichentered into force on January 28, 2014, provides penalties for legal entities that practice acts of corruption, outside of the laws thenforce such regulations upon natural persons who engage in such activities.

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