LatinFinance - September/October 2015 - 14

COVER
STORY

A spate of high-profile corruption investigations
across Latin America in the past two years - hitting
Mexico and Brazil most prominently - is pushing
investors to reconsider their approach to unlocking
long-term returns. By Katie Llanos-Small

Finding an

entrance
A
s the Lava Jato corruption investigation snowballs in Brazil, drawing in increasing
numbers of companies and garnering countless headlines, the country's ranking in the global graft
scorecard is somewhat of a surprise.
The country places third among large Latin American economies in Transparency International's
annual corruption perception index. Indeed, Brazil ranks in front of the rest of South America - with the
notable exceptions of Uruguay and Chile - in the most recent scorecard. Brazilians think their country is
less corrupt than Colombians, Mexicans and Peruvians judge their own.
Still, at 69th place globally, Brazil's ranking is perhaps less of a reflection of clean dealings and more of
a general resignation across Latin America to incidences of bribery and corruption in everyday business.
Indeed, LatinFinance spoke to many specialists for this article who said that, frustrating as it may be,
corruption is often seen as simply part of doing business in the region.
"I don't think there's anybody naïve enough to think that corruption doesn't exist in the world at all,
and even more so, that corruption doesn't exist in the emerging markets," says Walter Molano, chief
economist at US-based BCP Securities.
Yet those on the ground in São Paulo say the Lava Jato investigations look set to change, fundamentally,
the way business is done in Brazil.

14 L ATINFINA NCE.COM - September/October 2015



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Table of Contents for the Digital Edition of LatinFinance - September/October 2015

Contents
LatinFinance - September/October 2015 - Cover1
LatinFinance - September/October 2015 - Cover2
LatinFinance - September/October 2015 - Contents
LatinFinance - September/October 2015 - 2
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LatinFinance - September/October 2015 - 32A
LatinFinance - September/October 2015 - 32B
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