Business Intelligence
Brazil: Corruption Costs $41 Billion 
    5th October 2010

    Corruption costs Brazil up to $41 billion a year, but progress is being made.
    BY ALASTAIR STEWARTSAO PAULO — Talk to the average man on the street about corruption in Brazil and he will probably tell you it is endemic here. But while many in business share the public’s despair, they also point to the strides being made to combat graft as the country gains increased prominence as a global economic player.
    “Corruption is widespread, says Wagner Giovanini, cluster compliance officer at Siemens in Brazil. “But Brazilians have a habit of exaggerating the problem. It is possible to run a business without resorting to bribes, if you are committed to doing so.”
    A key driver to reduce corruption among companies has been a desire to do more business with international firms, which are bound by foreign anti-bribery laws.
    A whopping 69.9 percent of Brazilian firms identify corruption as a major constraint, according to The World Bank. However, in general, Brazil fares better than Mexico when it comes to corruption, according to a a Latin Business Chronicle analysis of business surveys from the Swiss-based World Economic Forum and The World Bank. Meanwhile,  Brazil was ranked 75th out of 180 countries in a 2009 corruption perceptions survey conducted by Transparency International, placing it 50 places lower than regional standout Chile and marginally better than China and India.
    Corruption scandals regularly blow up on the pages of Brazilian newspapers. Less than three …

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