Financial Crime World

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Chile’s New Law on Economic Crimes: A Game-Changer for Businesses

Santiago, Chile - As Chile prepares to implement its new law on economic crimes, businesses operating in the country are advised to take immediate action to ensure compliance with the new regulations. The law, which comes into effect in August 2024, aims to combat corruption and other financial misdeeds by holding companies accountable for their actions.

Key Requirements

To avoid penalties and fines, companies must have:

  • Adequate resources to implement and maintain a compliance program
  • A direct line of reporting to high-level management
  • The necessary powers to act independently

Furthermore, companies will be required to engage independent third-party auditors and monitors to ensure their compliance programs are effective.

Impact on Investment Climate

The new law is expected to have a positive impact on Chile’s investment climate. With its strong legal framework and low corruption levels, Chile has been an attractive destination for foreign investment. The new law will further enhance the country’s reputation as a stable and transparent business environment.

What You Need to Know

  • Companies operating in Chile must review their compliance programs to ensure they meet the new standards.
  • High-level executives and directors may be held personally responsible for corporate misconduct.
  • Companies must investigate and vet third-party contractors to prevent potential liability.
  • Investors should prioritize companies with robust compliance programs to protect their investments.

Get Expert Guidance

Miller & Chevalier’s experienced lawyers can help you navigate the complexities of Chile’s new law on economic crimes. Contact us today to learn more about how we can assist your business in complying with the new regulations and protecting your investments.