Over the last decade, Latin America has been the epicenter of anti-corruption enforcement, with high-profile investigations, political and business leaders behind bars and improved laws in key jurisdictions. But new data reveals that corruption risk is at an all-time high across the region.
A new survey from law firm Miller & Chevalier analyzes nearly 1,000 executives and compliance professionals’ concerns about local anti-corruption laws, government investigation and enforcement efforts and the steps their own companies are taking to combat corruption in the region.
Some key findings include:
- Corruption risk is increasing: 54 percent of survey respondents said corruption is a significant obstacle to doing business, an increase of 10 percent since 2012. Further, only 45 percent of respondents believe offenders are likely to be prosecuted, down from 66 percent in 2008.
- Respondents from multinational companies are just as likely as local/regional companies to think they have lost business to corrupt competitors: This is a shift from 2012 and 2016, when local/regional companies perceived more lost business due to corruption.
- There are indications of improvement: When asked if they think anti-corruption laws are having an impact, respondents from these countries show greater optimism than the regional average of 50 percent: Argentina (72 percent), Brazil (74 percent), Chile (59 percent), Colombia (55 percent), Mexico (68 percent), and Peru (63 percent).
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