Page 28 - CORRUPTION LATAM

MONTT GROUP MAGAZINE - 2024 www.MONTTGROUP.cOM
corruption in coLombia 2012-2023
international recommendations
The most important international recommendations are:
1. The Foreign Corrupt Practices Act (FCPA) of the united States, enacted in 1977, is one of the main international regulations in the fight against transnational corruption. Its purpose is to combat bribery of foreign public officials by US companies, establishing civil and criminal sanctions, becoming a global reference and key driver for the adoption of similar legislation in other countries.
The relevance of the FCPA for Colombia lies in the fact that this law applies not only to US companies, but also to foreign ones that are listed on US stock exchanges or that carry out acts of corruption with some connection to US territory. Several Colombian companies with operations, investments or listed on capital markets in the US are subject to the jurisdiction of the FCPA. Finally, the FCPA has inspired international anti-corruption initiatives such as the OECD Convention Against Bribery of Public Officials Abroad, of which Colombia is a party.
2. The United Nations Convention Against corruption is another fundamental pillar in the fight against this scourge. All UN member countries, including Colombia, have adopted
preventive and repressive criminal and/or administrative measures to combat corruption. This convention has three main purposes: to prevent corruption, to strengthen the measures in place to combat it and to promote the proper management of public affairs and goods, as well as international cooperation in the fight against corruption.
3. At the Eighth Summit of the Americas, held in April 2018, the Heads of Government and State of the countries of the hemisphere reaffirmed their commitments to the treaties on the fight against corruption. Fifty severn commitments were assumed, grouped into five categories: strengthening democratic governance, transparency and access to information, financing of political organizations and electoral campaigns, prevention of corruption in public works and contracting, and international legal cooperation. Colombia’s commitment to international regulations has been a catalyst for the development of national laws and regulations. Based on the influence of these international agreements, Colombia has implemented its own legislation, establishing a regulatory framework. The transition from international to national standards reflects the evolution of compliance in the country, highlighting the importance of a
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