Anti-corruption law takes effect in Brazil
Anti-corruption law takes effect in Brazil; companies can be punished for bribery
Associated Press
2014-01-29 11:22 PM

SAO PAULO (AP) -- An anti-corruption law that makes companies liable for bribes paid by their employees and for acts of corruption against domestic and foreign public officials has gone into effect in Brazil.

Previously, only individuals could be punished for bribery and corruption.

Companies that resort to bribes face fines of up to 20 percent of their gross annual revenue or a maximum of 60 million reals ($25,000). They could also have their assets confiscated and be forced to end their operations in the country.

The new law went into effect on Wednesday.

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