Brazilian Lawyers Are Trying To Stop The Rise In White-Collar Crimes

Tosto also said Brazil is on the verge of imposing stronger accounting rules, and there is an effort to increase corporate transparency as well. But that will take time, and in the meantime lawyers in Brazil that deal with white-collar crimes are very busy. Brazilian lawyers are busy because white-collar crimes are increasing in spite of the fact that there are new rules on the horizon. Some lawyers say the new rules are the reason for the increase. More than 300,000 anti-fraud operations were carried out in 2015, and that is an 112 percent increase over last year.
A couple of Brazilian law firms are getting a lot of attention because of the operations that are underway against a large investment bank and wealth management company. When the media released the news that the company was under investigation, clients withdrew $616 million from the company, and that kept the bank’s lawyers busy, according to Ricardo Tosto.
The Brazilian lawyers that handle financial crime in Brazil think Brazilians believe they will not be successfully prosecuted if they are caught. One reason is the judicial system. Brazilian lawyers tend to get their clients off because of the ineptness of the Brazilian judicial system.
Ricardo Tosto believes white-collar crimes in Brazil are greater than the white-collar crimes in the United States, but they are in line with the crimes committed by other emerging markets. Corporate executives commit crimes because investigating a white-collar crime takes time and money. The situation in Brazil is in such turmoil that it’s hard for prosecutors to identify all the crimes that occur in Brazil. White-collar crimes are low priority and executives know it. Lawyers that do represent executives that are accused of crimes have a leg up on the system, according to Tosto, and he said it will stay that way until the government can get its act together.

Leave a Comment

Filed under People

Leave a Reply