Colombian Government and Superintendence of Companies will be able to punish transnational corruption acts.
May 27, 2016
Government enacted the law 1778 in February 2016 wherewith imposes sanctions to natural persons incurring in transnational bribery. Violator will face from 9 to 15 years of prison and fines from 650 to 50.000 minimum monthly legal wages.
The Superintendence of Companies is allowed to impose fines to legal persons as far-reaching as 200.000 minimum monthly legal wages, when employees and managers of these companies try to bribe public servants.
The Superintendence of Companies would have jurisdiction over prohibited conducts committed abroad when a company, or a foreign company’s branch, is domiciled in Colombia.
The entry into force of this law represents an important step forward for Colombia’s entry in The Organization for Economic Co-operation and Development OCDE