The legislation was passed rapidly in the Brazilian Congress - in reaction to public anger about corruption, particularly among state officials. Punishment includes fines of up to 20 per cent of total revenues. Carlos Ayres, co-chair of the Anti-Corruption and Compliance Committee of the Brazilian Institute of Business Law, is quoted in The Globe and Mail as saying: 'This is a very positive development because it fills a gap in our legislation and complies with our international agreements'.

Anti-Bribery Convention

The legislation is a requirement of the OECD (Organisation for Economic Co-operation and Development). Brazil is not an OECD member but belongs to its Anti-Bribery Convention. The law, which will  take effect in January,  has been published in the country's official gazette in order to become effective after 180 days.