The regulatory landscape in Colombia has experienced a significant shift as foreign non-profit organizations (ESALES) and Chambers of Commerce now face obligations to adopt the Self-Control and Risk Management System (SAGRILAFT) and the Terrorism Financing Prevention and Control System (PTEE). Recent modifications to existing laws have extended these requirements to all Chambers of Commerce in Colombia, as well as to ESALES with ongoing businesses in the country.
The Colombian Superintendency of Corporations has published Circular 100-000004 of 2023, which modifies Circulars 100-000016 of December 24, 2020, and 100-000011 of August 9, 2021. The revisions mandate these organizations to implement comprehensive risk management systems targeting money laundering and terrorist financing.
The implementation of SAGRILAFT is a critical move towards fortifying Colombia’s efforts to combat economic illegal activities. To remain compliant, organizations must establish rigorous internal control mechanisms, preventive measures, and corrective actions to manage any risks associated with money laundering, terrorist financing, and transnational bribery.
The enforcement of these systems broadens the scope of accountability while strengthening the resolve to combat financial law violations. It compels foreign non-profit organizations and Chambers of Commerce to do their part in maintaining the integrity of Colombia’s financial system. Incremental enforcement of these systems aims to build a cooperative network against money laundering and terrorism financing, bolstering legal security and economic stability.
As we anticipate the strict enforcement of these regulatory changes, legal professionals, especially those representing foreign non-profit organizations and Chambers of Commerce, must update their understanding and take immediate action for effective compliance. With these changes, Colombia continues to enhance its regulatory environment, reflecting a strong commitment to uphold international financial standards.