Title: Brazil’s Financial Crimes: A Persistent Challenge Amid Bribery Scandals and Cyber Threats
Brasilia - The latest Global Fraud and Risk Report 2019/20 reveals that Brazil continues to grapple with numerous financial crimes, including:
- Bribery and corruption
- Money laundering
- Cybercrimes
Prevalence of Financial Crimes in Brazil
According to the report, 29% of respondents in Brazil reported experiencing bribery and corruption, compared to the global average of 23%. However, the importance given to combating these threats is significantly higher in Brazil (77%) than in any other surveyed country.
Furthermore, money laundering, a common companion to bribery, occurred more frequently in Brazil (23%) than it does globally (16%).
Concerns Over Cybercrimes
Respondents in Brazil were particularly concerned about cybercrimes. They reported the second-highest number of internal information leaks (55%) via computer networks and named data theft as their top risk priority (84%).
Brazil’s Anti-cybercrime Measures
Brazil’s efforts to combat these issues come as it builds its anti-cybercrime regulatory and enforcement infrastructure to match its increasingly mature economy. However, respondents in the country express the least confidence in their organizations’ compliance systems, with only 74% finding them effective.
Geopolitical Risks
Geopolitical risks have also impacted Brazilian organizations, with 58% of respondents reporting the effects of new sanctions on business dealings. This figure is higher in Brazil than it is anywhere except India and China. Moreover, 61% of respondents in Brazil reported feeling the influence of government actions on vendors, partners, or customers.
Brazil’s Stance on Cryptocurrencies
Brazilian organizations are investigating or using digital currencies, as 97% of respondents stated. However, looking five years into the future, 74% of respondents in Brazil are concerned about the potential impact of cryptocurrency on the stabilization of fiat currency, compared to the global average of 53%.
Importance of Anti-financial Crime Strategy
The Global Fraud and Risk Report 2019/20 emphasizes the importance of organizations developing a strong anti-financial crime strategy to mitigate the risks they face. [
Download the full report (link to download) to explore the findings in greater detail and receive region and industry-specific perspectives.