Page 29 - CORRUPTION LATAM

MONTT GROUP MAGAZINE - 2024
www.MONTTGROUP.cOM
comprehensive and collaborative approach in the fight against corruption.
organic Statute of the
Finance system
The first precedent of compliance in Colombian regulations is found in the Organic Statute of the Financial System (1993). This statute compels financial institutions to adopt control measures to prevent money laundering, as established in its article 102. This rule was reinforced by the crime of omission of control in the Penal Code (article 325), making it mandatory that Financial entities implement mechanisms to prevent money laundering.
Law No 190 of 1995
In 1995, Colombia took a significant step with Law No 190, known as the first Anti-Corruption Statute. This law sought to preserve morality in public administration and combat corruption of public servants. In addition, it introduced administrative controls over the activity and assets of public servants and over financial and commercial activities vulnerable to corruption. Law No 1.474 of 2011
The evolution continued with Law No 1.474 of 2011, which developed the issue of compliance more broadly. This Anti-Corruption Statute established a specific corruption prevention regime and created crimes such as omission of control in the health sector and private corruption. This law also introduced measures to prevent fraud in the social health security system.
Law No 1.778 of 2016
In 2016, Law 1.778 established regulatory compliance provisions regarding transnational and national bribery. This law promoted the adoption of transparency and business ethics programs, and defined transnational bribery, imposing sanctions on companies involved in corrupt acts with foreign public servants.
To ensure the implementation of this law, the Superintendency of Companies issued External Circular 100-000003-2016, which provided guidance to implement compliance programs. This guide was updated in 2021 to comply with international standards and current needs, requiring supervised entities to adopt Transparency and Business Ethics Programs (PTEE).
The companies required to adopt a PTEE are: i) supervised organizations that carry out
international transactions with contracts equal to or greater than 100 SMMLV; ii) companies that enter into contracts with state entities for amounts equal to or greater than 500 SMMLV and; iii) companies in sectors such as pharmaceuticals, manufacturing, mining-energy, information technologies and vehicle trade, among others, with income or assets that exceed the established thresholds.The constrained entities must identify and evaluate the risks of corruption and transnational bribery, adopting a PTEE according to their needs. This program must allow the prevention, detection and correction of possible situations of corruption. The minimum wage is decreed annually by the national government, for 2024 it was set at one million three hundred thousand pesos ($1,300,000 COP – $317 USD$approximately).
a path to travel
The evolution of compliance in Colombia reflects a continuous commitment to the fight against corruption and the promotion of transparency in all sectors. Starting from the adoption of international regulations such as the FCPA and the Mérida Convention, Colombia has developed a robust legal framework that includes laws such as Law No 1.474 of 2011, known as the Anti-Corruption Statute, and Law No 1.778 of 2016, which establishes provisions specific to transnational bribery. These laws have been fundamental to establish compliance programs and audit and internal control mechanisms that seek to prevent, detect and punish corrupt acts. However, although advances in compliance are significant, this field is still relatively new in Colombian legislation and faces important challenges. The effective implementation of these programs and the adaptation of companies to ethics and transparency standards require further development and strengthening. It is crucial that work continues on raising awareness and training both the private and public sectors to ensure that regulations not only exist on paper, but are effectively applied in practice.
In summary, Colombia has taken important steps
towards creating a more ethical and transparent
environment, but there is still some way to go. .
Consolidating a robust compliance culture and fully integrating these regulations at all levels of society will be key to continued success in the fight against corruption.
www.MONTTGROUP.cOM
päG :29