In Colombia, government entities are implementing and strengthening strategies to mitigate risks related to corruption, money laundering, and the financing of terrorism. These measures often include the creation of more robust regulatory frameworks, personnel training, and the promotion of transparency.
Among these efforts, we highlight the Mayor’s Office of Cali, which, through Decree 4112.010.20.0747 of 2024, established that the agencies and departments that comprise the Central Sector and the territorial level of the District Administration must comply with and adopt the guidelines outlined in the Decree for mitigating these risks. They are required to adapt these guidelines to their own corporate strategy through manuals, procedures, or other institutional tools that ensure effective compliance.
This initiative reflects the growing awareness and culture of compliance in Colombia, as well as the efforts of various sectors to implement proper corporate governance that fosters more competitive, productive, and enduring companies for the benefit of the country and its citizens.
We are also seeing an increasingly active role from the Superintendency of Companies of Colombia in ensuring compliance with regulatory guidelines for the implementation and enforcement of SAGRILAFT and PTEE Programs.
As a result, through Resolution 200-018163 issued in September 2024, this entity decided to uphold the sanction imposed on a retail food products company for failing to implement a Business Transparency and Ethics Program by the May 31, 2022 deadline. Although the company appealed the decision and obtained a reduction in the initial fine from 40 to 30 million pesos, the resolution confirms that the sanction is proportional and reasonable, given the failure to comply with regulations established to prevent corruption and transnational bribery risks.
