Colombia: Chambers of commerce and foreign non-profit entities have until 2025 to implement their PTEE and SAGRILAFT

The Superintendence of Companies, through its External Circular No. 100-000003 of April 23, 2024 (hereinafter the “Circular”), extended the deadlines for the Chambers of Commerce and Foreign Non-Profit Entities (in its acronym in Spanish “ESALs”) to implement the Integral Self-Control and Risk Management System of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction (hereinafter SAGRILAFT) and Business Transparency and Ethics Programs (hereinafter PTEE). The new deadlines is 31 May 2025.

The Chambers of Commerce and the Foreign ESALs have until 31 May 2025 and not until 31 August 2024 to implement a PTEE and a SAGRILAFT under the conditions established in Chapters X and XIII of the Basic Legal Circular of the Superintendence of Companies.

Once the above deadline has been met, the Chambers of Commerce and Foreign ESALs must implement their SAGRILAFT and PTEE no later than May 31 following their creation.

The Superintendence of Companies will provide the necessary mechanisms for attention, training and support to guide the right implementation of the SAGRILAFT and PTEE.

Do not hesitate to contact us in case you have any questions or require our advice.

For more details regarding the obligation of Chambers of Commerce and Foreign ESALs to implement a SAGRILAFT and PTEE, please consult this link. The Circular can be consulted at this link.

Click here to read the Spanish version.

Author
Angelica Navarro

Angelica Navarro is a partner in Baker McKenzie’s Bogota office. She served as an advisor to the superintendent of Industry and Commerce on antitrust and merger control. Prior to that, she was an adviser to the director of the National Protection Unit, where she was in charge of the formulation and execution on protection and human rights programs. Previously, she worked as an associate at a legal services firm and an in-house attorney from the Mexichem Colombia company. She was selected by Global Competition Review, along with clients and colleagues to be included in the 2017, 2018, 2019, 2020, 2021 and 2022 Who’s Who Legal: Competition – Future Leaders publication as one of the most outstanding lawyers in the right of free competition under 45 years of age. Angelica was also recognized by Legal 500 in 2017, 2018, 2019, 2020 and in 2021 as a “Next Generation lawyer” in competition law.

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