On November 1st, the reforms to the Criminal Code and the Asset Laundering Law were published, get to know the details here.

During the recent decades there have been alterations in social behavior specifically in criminal behavior which are attributable to: the development of commercial and cultural exchange activity worldwide, the dominance of advanced technologies, the socio-economic evolution intrinsically linked to the political and commercial openness, among other factors, which undoubtedly bring great benefits to the peoples but unfortunately increase crime rates in our countries, thus demanding the need to strengthen the appropriate legislative tools to combat crime.

Through Decree number 93-2021, published on November 1, 2021, in the Diario Oficial La Gaceta, the reforms to the Criminal Code and the Asset Laundering Law were published, among which we find some of the following reforms:

Liability of Legal Entities

By means of the Decree approved in the National Congress, Title VII of Chapter II of the Criminal Code is repealed, which established the Criminally Responsible Legal Entities, the Criminally NonResponsible Legal Entities, and the Penalties Applicable to Legal Entities.

Asset Laundering Law

Asset Laundering is understood as the process through which the appearance of legality is given to assets from illicit activities. With this reform, the definition of this felony has been substantially degraded.

The figure of "De-Risking or No Risk Management" is added, which is formalized when the obligated subjects terminate, restrict, abandon, or reduce financial or commercial relationships with clients or categories of clients to avoid regulatory and compliance risks.

Among the subjects obliged to be responsible for the prevention and detection of transactions, suspicious operations and illegal activities, the legal entities supervised by the National Council of Cooperatives (CONSUCOOP) have been added, in the same way the range of politically exposed persons has been expanded, adding civil society organizations, among others.

These are some of the reforms and amendments contained in the Decree approved within the National Congress.