Bruno Fagali Keeps The Public Updated On Matters Ethical Compliance
In the recent news from FagaPress, a blog owned and run by Bruno Fagali, and one that he uses to keep his followers and general audience posted regarding ethical developments in the corporate sector, there is going to be a reward of $ 5 million for reporting corruption assets from foreign countries being laundered in the US. It has been reported that the US law forbids such corrupt activities being carried out on its soil. Therefore, reporting such incidents to the authorities in the US will likely earn a whistleblower $5 million.
The Bipartisan Bill
The bill seeking to have the law put into effect was presented to the relevant bodies in the US in Washington in February. It is awaiting approval. The bill that came to be christened the Kleptocracy Asset Recovery Awards Act will bestow upon the Secretary of the US Treasury powers to determine the amount of reward appropriate for each case reported according to ibdee.org.br. The spirit of the bill is to encourage the public to assist the authorities in both USA and Brazil to seize assets of corruption and proceeds thereof that may be hidden in the US. Details of the bill indicate that there is a cap to each reward set at $5 million and a total of $25 million per year. However, there is a proviso in the draft bill to allow the Treasury Secretary to exceed such a figure per year if there is a justifiable cause. Further, the cap is also subject to judicial review.
Read more on Jusbrasil.com.br
Bruno Fagali’s FagasPress reports that the Treasury Secretary is also given powers to arrange for the protection of physical identities of the persons reporting the corruption assets. The protection will also include members of the whistle-blowers immediate family. The additional measures are meant to make it a lot more attractive to report corrupt dealings.
For such a reward to be processed, there are requirements that must be met. For instance, the questionable assets must be a product of corruption in a foreign government. The corruption acts include but not limited to bribery, theft, embezzlement, or misappropriation of the assets that belong to a foreign government; carried out by a public agency in such a country or their associates.
Bruno Fagali is one of the leading lawyer in Brazil. He graduated in University of Sao Paolo. He specialized in administrative law and ethics. He founded Fagali Advocacy. He is now working as corporate integrity manager at Nova/sb.
For more information about Bruno Fagali, just click here.