New law imposes heavy sanctions on individuals and companies offering money and gifts to obtain an advantage in the procurement of public contracts.Mexico has joined a growing number of Latin American countries that have enacted anti-corruption laws aimed at cracking down on public corruption. Mexico’s Federal Law Against Corruption in Public Procurement (Ley Federal Anticorrupción en Contrataciones Públicas or the Anti-Corruption Law), which took effect on June 12, 2012, is analogous in many respects to the U.S. Foreign Corrupt Practices Act (FCPA). The Anti-Corruption Law holds individuals and companies accountable for offering money or gifts to obtain or maintain a business advantage in the procurement of public contracts with the Mexican government. Further, the Anti-Corruption Law mirrors the extraterritorial footprint of the FCPA by prohibiting any such actions by Mexican entities or individuals with respect to foreign (non-Mexican) authorities and public officials, whether directly or indirectly. Violators are subject to heavy administrative sanctions, including the imposition of significant monetary fines and the prohibition of future participation in federal procurement contracts for up to a decade.Provisions of the Anti-Corruption LawThe law applies broadly to Mexican and non-Mexican companies and individuals engaged in federal government contracting in Mexico, including bidders, participants in… Read full this story
- New Energy Opportunities in Mexico Raise FCPA (Foreign Corrupt Practices Act), Anti-Bribery Risks
- Canada Steps up the Fight Against Foreign Corruption
- Human Resources' Role in FCPA Compliance - Increased Responsibility with Increased Enforcement
- Health Care Enforcement in 2012: A Year in Review
Mexico Enacts Anti-Corruption Law for Federal Government Contracting have 246 words, post on www.natlawreview.com at October 13, 2012. This is cached page on Law Breaking News. If you want remove this page, please contact us.