Chile Prepares for Tougher Economic Sanctions and Compliance Rules

As Chile’s 2023 Economic Crimes Law takes effect on September 1, 2024, companies operating in the country must prepare for significant changes to their compliance obligations. The law introduces far-reaching provisions that will hold corporations accountable for white-collar crimes, impose personal liability on senior executives, and create new environmental offenses.

Key Provisions of the 2023 Economic Crimes Law

• Expands the scope of corporate liability for a broader range of regulations, including those related to environmental crimes
• Imposes personal liability on senior leaders at companies for their organization’s actions
• Requires companies to implement robust compliance programs and hold leadership accountable for effective controls

Consequences of Non-Compliance

Failure to comply with the new regulations may result in severe consequences, including:

• Reputational damage
• Significant financial penalties
• Aggressive enforcement and heightened compliance expectations from regulatory bodies

Preparing for Change

To stay ahead of these changes, businesses must:

• Invest in robust compliance programs
• Ensure that leadership is held accountable for implementing effective controls
• Seek guidance from experienced professionals who can help navigate this complex landscape