When companies establish sound policies and controls, they foster a more transparent and ethical business environment.
Transparency International released the Corruption Perceptions Index, where Chile experienced a decrease in its score for the first time in six years.
This index, which rates nations on a range from 0 (highest level of corruption) to 100 (lowest level of corruption), revealed a decline in Chile’s ranking. With a score of 66, our country ranked 29th out of the 180 countries evaluated.
Despite surpassing the regional average of 44 points, recent corruption scandals have had a negative impact on the perception of corruption in Chile.
Each country obtains its score through a combination of at least three sources of data collected from 13 surveys and evaluations on corruption, carried out by various prestigious institutions, including the World Bank and the World Economic Forum.
In this context, it is key not to overlook the importance of Transparency International’s recommendations aimed at consolidating the independence, transparency and accountability of the judicial apparatus. It is also vital to keep in perspective the crucial role played by private organizations, businesses and citizens in the fight against corruption.
In this line, the guidelines established by the Economic Crimes Law become relevant, as it promotes that companies and other agencies subject to this law establish internal mechanisms for the prevention, detection and adequate response to acts of corruption that may occur within them.
Crime prevention, within a company, contributes significantly to the reduction of corruption at the national level. When companies establish sound policies and controls to prevent and detect illicit activities, they not only protect their own interests and reputation, but also foster a more transparent and ethical business environment.
This commitment to corporate integrity sets a high standard of conduct that can positively influence compliance culture and governance practices throughout the country. In addition, by reducing tolerance for corruption at all levels of society, the rule of law is strengthened and sustainable economic development is promoted.
For more information on these topics, please contact our Compliance Group:
Francisca Franzani | Director, Compliance Group | ffranzani@az.cl
Jaime Viveros | Associate, Compliance Group | jviveros@az.cl
Francisca Macchiavello | Associate, Compliance Group | fmacchiavello@az.cl
