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News & opinion

1 AUG 2018

Infrastructure suffers as Brazilian institutions are marred by scandal

Recent political scandals have impacted public trust in Brazil’s public institutions. Political corruption has resulted in mismanaged infrastructure projects impacting viability of public transportation, waste, water, energy and other public services.

Public transportation, for example, has been neglected. Roads are congested. Without public investment in infrastructure to facilitate transportation through the city, commute times are skyrocketing. The lack of investment in infrastructure in all areas has a direct impact on productivity. Sao Paulo is swelling under rapid urbanisation, like many other global cities. This growth means more cars are clogging the streets and more competition for housing is driving up prices. This puts a strain on companies vying for skilled workers and on families as people spend more time sitting in traffic.

In an atmosphere of suspicion and mistrust, it is essential to have clear standards set to identify risks.

Without public investment in infrastructure to facilitate transportation through the city, commute times are skyrocketing. The lack of investment in infrastructure in all areas has a direct impact on productivity.

RICS consults on standard to reduce risky behaviour

RICS has issued a new standard for consultation that sets out obligations for RICS professionals and regulated firms to minimise their exposure to risks posed by bribery, corruption, money laundering and terrorist financing. This is to guard against these financial crimes in their day to day business operations.

Through an extensive global consultation of the Countering Bribery and Corruption, Money Laundering and Terrorist Financing professional statement, RICS aims to engage professionals and industry stakeholders on their obligations to mitigate these risks to their day-to-day business practices.

Global consultation for stakeholders

RICS’s new professional statement promotes professional and ethical behaviour by providing practitioners and companies with clear and consistent principles on what constitutes a breach of conduct. Once the professional statement has been finalised, it will apply to all RICS professional disciplines globally. Responses are welcome from anyone interested in preventing bribery, corruption, money laundering and terrorist financing, particularly from small and large firms, consumer groups, property professionals, regulators, governments and international agencies.