Brazil's President signs anti-bribery statute

As largely expected, Brazilian President Dilma Rousseff has signed  the Brazilian Clean Companies Act, according to a comprehensive report from law firm Covington & Burling, which, though not specifically targeted as the sector, will clearly have implications for pharmaceutical companies, both domestic firms and multinationals doing business in that country.

The Act subjects for the first time Brazilian companies and other Brazilian entities plus foreign entities having a registered office, branch or other representation in the Brazilian territory to civil and administrative sanctions for bribing either Brazilian or foreign public officials. The Act, which is scheduled to take effect on January 29, 2014, also applies to fraud in relation to public tenders.

Heavy financial penalties