Bruno Fagali Elaborates The Asset Recovery Reward Act

Bruno Fagali has built his legal expertise over the years while practicing at the Fagali Advocacy law firm. The Brazil Attorney has made Administrative Law, Regulatory Law, Ethics and Urban Law his specialities. He weighed in on a proposed law in the US that seeks to reign in on corruption in foreign governments.

Bruno Fagali stated that a cash reward of $5 million may be up for grabs in the US if a proposed corruption law is approved. Any Brazilian with information on treacherous laundry of assets in the US by corrupt government officials needed to inform the US authorities.

The preamble of the bill states that it seeks to be part of the recovery of stolen assets. A rewards program will be established. The Secretary of the Treasury will have the mandate of determining the size of the reward. This responsibility will not be delegated to anyone.

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Corrupt individuals have taken advantage of the complex US financial structures to make money at the expense of their citizens. The limit of the reward (set at $5 million) could be exceeded if the Secretary deems this necessary. A review of such a decision has been provided for in the bill. An elaborate judicial process will make this possible according to Bruno Fagali on terra.com.br.

Close family members of the Treasury Secretary will receive protection at the request of the Secretary. This attorney further stated that their identity and that of the Secretary may also be kept secret.

Public officials will not be legible for this reward as it is their obligation to report such cases to relevant authorities in their country. The bill requires that the assets being considered should be due to corruption of a foreign government.

Not all reports will be considered effective. This means that some whistle blowers may not receive the reward. The corruption act being committed should result in a loss of the stolen assets which are in a US financial institution.

The authors of the bill felt that the prediction of financial rewards for such reports had been overlooked in the reward programs that exist in the Law. Bruno Fagali is well known for the publication of an article pointing out the missteps of anti-corruption in the Brazilian advertising agency.

Find more about Bruno Fagali: http://www.agenciaoglobo.com.br/dinonews/Default.aspx?idnot=36030&tit=Rio+de+Janeiro+s%C3%B3+contratar%C3%A1+empresas+que+tenham+ou+estejam+dispostas+a+ter+Programa+de+compliance%2C+reporta+Bruno+Fagali

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