Finally, after more than a year of the enactment of the Brazilian Clean Company Act (BCCA), the guidelines explaining various provisions of the statute have been issued by the Brazilian government via a decree. Decree 8,420/15 carne into force on 18 March after a number of major demonstrations by the general public in the country's main cities. The country has expressed its indignation toward all of the administration's corruptions scandals, particularly the current one dubbed 'Petro lão' which involves the state contro lled oil and gas company Petrobras, infamous all over the globe as one of the largest corruption scandals of this century.
These recent nationwide demonstrations were very similar to the ones recorded in 2013. Two years ago Brazilians went out to the streets to complain about corruption in the current administration, and the economic crisis allegedly resulting from their incompetence. As before, the Brazilian government decided to take some action to respond to the nation's overwhelming pressure. Thus, Decree 8,420/15 was enacted only three days after the March demonstrations.
To continue reading this article, please click here.
Originally published by Risk and Compliance Magazine Jul-Sep 2015
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
