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Infrastructure Suffers as Brazilian Institutions Are Marred by Scandal

August 2, 2018

TORONTO--(BUSINESS WIRE)--Aug 2, 2018--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 urbanization, 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.

RICS consults on standard to reduce risky behavior

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 help mitigate the impact of these risks on their day-to-day business practices.

Global consultation for stakeholders

RICS’s new professional statement promotes professional and ethical behavior by providing 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.

Share your views in our consultation

The professional statement is global in scope and will apply to all RICS professionals. Responses are accepted until August 31.

RICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards - bringing confidence to markets and effecting positive change in the built and natural environments.

https://consultations.rics.org/consult.ti/AMLPS/consultationHome

View source version on businesswire.com:https://www.businesswire.com/news/home/20180802005043/en/

CONTACT: RICS

Amie Silverwood, 437-990-4695

asilverwood@rics.org

KEYWORD: BRAZIL NORTH AMERICA SOUTH AMERICA CANADA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING

SOURCE: RICS

Copyright Business Wire 2018.

PUB: 08/02/2018 09:13 AM/DISC: 08/02/2018 09:13 AM

http://www.businesswire.com/news/home/20180802005043/en

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