Multinational businesses are more likely to steer clear of investments in Latin America than they are in other parts of the world due to perceptions of pervasive bribery and a high level of corruption risk in the region, according to a survey by Hogan Lovells.

Compliance work has become big business for global law firms operating in Latin America as investors seek to avoid violations of laws such as the U.S. Department of Justice’s Foreign Corrupt Practices Act—and associated fines.