Beccar Varela participates in the 2024 Latin America Corruption Survey.
PRESS RELEASE
Buenos Aires, April 24, 2024 — Beccar Varela participated in the 2024 Latin America Corruption Survey, conducted by Miller & Chevalier in collaboration with 14 Latin American law firms representing 19 countries. The survey results reveal that corruption in the region remains pervasive and that corporate compliance, not enforcement, has been the key driver for addressing it.
“In recent times, making efforts to protect against the risk of corruption has become a top priority for companies in Latin America, and Argentina is no exception. Collaborating in this survey together with other leading firms of the region is very important to understand what is happening within organizations,” stated Maximiliano D’Auro, Managing Partner of Beccar Varela, who also co-directs the Compliance & Investigations practice of the firm.
Among the report’s findings, it is highlighted that 8 out of 10 companies are taking steps to mitigate the corruption risks, in particular anti-corruption policies, contract terms, training, and procedures for gifts, travel, and entertainment. Additionally, third party due diligence policies, anonymous reporting mechanisms, full-time compliance personnel, anti-corruption audits and assessments, and compliance procedures in place for charitable and community donations, political contributions, facilitating payments, and merger and acquisition due diligence are being implemented. Furthermore, 46% of respondents said corruption is a significant obstacle to doing business. In fact, 41% believe their companies have lost business to competitors that make illicit payments. However, data also suggests slight movement in a positive direction regarding this indicator, which has been decreasing over the years, dropping from 60% in 2008 to 41% in 2024.
The report with the complete survey results is available in English, Spanish, and Portuguese and can be accessed at this link.