Friday, August 26, 2016

Argentina's Quiet (Giant) Step Against Corruption

Latest: Corruption and Money Laundering.

Argentina's Quiet (Giant) Step Against Corruption.



A proposed law in Argentina could mark the latest in Latin America's historic crackdown on corruption.
With anti-corruption efforts making noise throughout the hemisphere, Argentina is quietly on the brink of a major victory. A draft bill that would change the way the country prosecutes malfeasance seems like a simple fix. But if passed, the legislation could have a major effect on the way businesses treat – and crackdown on – corruption within their ranks.
Argentina's legal system currently makes it impossible to punish businesses for corruption that occurs on their watch because only those individuals who actually break the law can be prosecuted; a man or woman who offers a bribe may be investigated, for example, but the business they work for will not face any consequences.
The new bill, set for consideration by Congress in the coming months, would change that dynamic. The legislation would seek to incentivize corporations to crackdown on corruption themselves by expanding liability to cover businesses as a whole. Businesses that profit from bribes – even if corporate leadership is not involved – would be legally responsible and open to prosecution. Importantly, in an effort to encourage businesses to limit and prevent corruption on their own terms, corporations would be able to avoid sanctio..

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