The United States Federal Trade Commission (FTC) signed a cooperation agreement, in the form of a Multilateral Memorandum of Understanding (MOU), with consumer protection authorities from four Latin American countries: Chile, Colombia, Mexico,
and Peru.
and Peru.
This multilateral agreement will facilitate information sharing, accelerate investigations, spur policy development, and assist cross-border enforcement.
Its aim is to combat fraudulent activities both domestically and internationally.
Fraud
in latin
america
in latin
america
FROM 2019
TO 2022
Reports of fraud against businesses in these Latin American countries doubled.
Additionally, total reported losses by consumers increased, ascending from $39.4 million USD in 2019 to $237.9 million USD in 2022.
The top complaint category is online shopping, with losses reaching almost $50 million USD in 2022.
WHO ELSE CAN JOIN THE AGREEMENT?
This agreement offers a mechanism for additional nations to join the pact, bolstering the fight against fraud on a broader scale.
WHAT MUST THE SIGNATORIES
OF THE MOU DO?
Among other things, signatories will:
Collaborate on investigations involving violations of consumer protection laws.
Share consumer complaints and provide investigative assistance with appropriate safeguards.
Provide practical assistance for enforcing consumer protection laws, including evidence collection.
Our Experts
Santiago Lombana
Antitrust and Consumer
Law Coordinator
Law Coordinator
