The is a guest post from Juan Carlos Tristan, an attorney at BLP Legal in Costa Rica.
Guatemala has been known for its history of oppression, extreme violence, and most recently political corruption.
Now, the Guatemalan people are reacting. The society has been indirectly motivated by the “International Commission Against Impunity in Guatemala” (“CICIG”) and is protesting against corruption, with notable results, as described in this post. The uncovering of certain sensitive corruption scandals over the last months has provoked a succession of extensive public protests and strikes in Guatemala.
Guatemala has not been involved in any significant FCPA enforcement actions so far (except for one plea agreement pursuant to the Shot Show cases); but the country has certainly suffer... Read more
The compliance programs for Latin American subsidiaries of foreign companies often consist of translated versions of the program used at headquarters, without any (or just minor) adaptations. Oftentimes, this practice has the potential to negatively impact the ability of the program to operate at optimum levels and can lead to problems.
Here are five practical steps that companies can take to maximize the efficiency of their compliance programs in Latin America.
Address local risks. Companies doing business in Latin America should take a risk-based approach and pay particular attention to certain areas that are often problematic. The following three areas (which by no means are exhaustive, and may vary from country to country) have traditionally been the sources of compliance issues throughout the region:Read more
On August 12, 2015, the U.S. Department of Justice (“DOJ”) announced that Vicente Eduardo Garcia, a former executive of the software and technology solutions company SAP International, pled guilty to criminal charges of conspiracy to violate the U.S. Foreign Corrupt Practices Act (“FCPA”). Mr. Garcia also consented to a cease-and-desist order by the U.S. Securities and Exchange Commission (“SEC”), agreeing to pay US$92,395, representing the sum of the total amount of kickbacks he received in the scheme plus prejudgment interest of US$6,430. The SEC found that Mr. Garcia violated both the anti-bribery and internal controls provisions of the FCPA.
The Miami-based executive is a 65-year old former regional director of SAP who particip... Read more