Collusion had an impact in Brazil.
he Office of the Superintendent General at CADE has concluded its investigation into the offshore foreign exchange market (FX) cartel and recommended sanctions against six financial institutions and six individuals. Analysis followed international standards and is aligned with similar investigations conducted by foreign authorities.
The investigation was launched after a leniency agreement, proposed when a cartel member reports the violation, involved parties, and commits to cooperate with authorities in exchange for immunity or a reduced penalty.
Over the investigation, evidence was gathered -- including nine cease and desist agreements -- indicating collusion among competitors to fix exchange rates, exchange of competitively sensitive information, and undermine other market participants, such as brokers.
The case will be submitted to the Tribunal of CADE and assigned to a rapporteur commissioner for a final decision. If found liable, companies will face fines of up to 20% of their gross turnover. Individuals may be fined up to 20% of the amount imposed on the respective company.
Source: Gov.br
