Confronting corruption in Latin America

Corruption is a significant obstacle plaguing businesses throughout the Americas, according to a September 2008 survey of over 200 executives in Latin America conducted by Miller & Chevalier Chartered and six regional law firms. Nearly half of all respondents consider corruption a significant obstacle, almost 70% believe that they have lost business to competitors who made illicit payments. Even though obtaining third-party cooperation in this process can often be challenging, survey results indicate that many counterparties in the region have their own anti-corruption policies and would understand the rationale of due diligence inquiries. Not surprisingly, respondents from multinational companies lead with way, with 82% stating that their companies have taken steps to protect the company from corruption risks.