On 6 June 2019, the Law on the Liability of Legal Persons on Domestic Bribery, Transnational Bribery and Other Crimes (“Act”) was passed as part of the commitments made to the OECD.
In application of the best international practices, the Law grants criminal liability to legal persons (national or foreign), and other commercial figures (such as trusts, associations and foundations), that commit acts of corruption such as domestic bribery or transnational bribery. Similarly, it sanctions parent companies for actions of their subsidiaries and affiliates. The foregoing, without prejudice to the individual criminal liability of natural persons for the commission of any of the aforementioned crimes.
Among the innovations of the Law is the incentive for companies to implement effective transparency and business ethics programs; and internal anti-corruption and internal control mechanisms; which will serve as a mitigation of their sanctions.
The following is a brief summary of the main aspects of the Act:
Acts punishable:
