Page 36 - CORRUPTION LATAM

MONTT GROUP MAGAZINE - 2024 www.MONTTGROUP.cOM
pERu
FurtHer advanceS in buSineSS coMpLiance
peru stands out in Latin america as one of the country that has made the greatest progress in the adoption of corporate compLiance systems, foLLoWed cLoseLy by braziL. according to the WorLd compLiance association, this move forWard is the resuLt of a strong reguLatory frameWork and the impLementation of strict corporate governance practices that seek to prevent corruption, money Laundering and terrorist financing.
During the second quarter of 2024, specifically on May 13 th, 2023, Law No 31,740 was enacted in Peru, which introduced important modifications to Law No 30,424, known as the Law of Administrative Responsibility of Legal Entities.
These modifications aim to strengthen anti- corruption regulations, intensify the fight against money laundering and the financing of terrorism, and promote good corporate governance practices. In addition, they promote the implementation of prevention mechanisms and the continuous improvement of the organization, establishing a more robust framework to guarantee transparency and integrity in the business environment.
It should be noted that the aforementioned improvement to the Law on Administrative Responsibility of Legal Entities has changed the nature of the liability of companies against various crimes, which was only administrative and currently also has a criminal nature; That is, companies are subject to administrative and
criminal sanctions. We must be aware that the trend in Peru and other Latin American countries is that the number of crimes that are included under the umbrella of corporate compliance is expanding, incorporating infractions at the level tax, customs, labour and environmental, in addition to traditional corruption and financial crimes.
This scenario has motivated Peruvian companies to implement compliance systems, which include crime prevention models and integrity programs, taking into account that these tools are essential to detect and mitigate risks, promote a culture of ethics and transparency, and comply with the legal standards. However, the recommendation to effectively prevent possible contingencies and the commission of crimes is that companies must go beyond the mere implementation of compliance systems.
Many remember the Odebrecht case, one of the largest corruption scandals in Latin America,
päG :36
www.monttgroup.com