Chile’s 2023 Economic Crimes Law: A Tougher Financial Crime Investigation Process Ahead
In an exclusive interview, Franco Acchiardo spoke to The Anti-Corruption Report about the implications of Chile’s 2023 Economic Crimes Law (Law No. 21,595), which will come into effect on September 1, 2024. The law builds upon the Corporate Criminal Liability Law (No. 20,393) and is set to bring more stringent liability provisions for white-collar crimes, as well as increased compliance expectations.
Key Provisions of the New Law
- Broader range of criminal offenses attributed to companies
- Personal liability for senior leaders at companies
- New environmental offenses introduced
Preparing for the Changes
Companies operating in Chile would do well to prepare for the upcoming changes. Failure to do so may result in severe consequences, including increased liability and reputational damage.
What Companies Need to Do
To ensure compliance with the new law:
- Stay informed: Keep up-to-date with the latest developments and regulations.
- Adjust strategies: Review and revise existing policies and procedures to meet the new requirements.
- Prioritize compliance: Make compliance a top priority and allocate necessary resources.
The Stakes are Higher Than Ever Before
With the implementation date drawing near, businesses must take proactive steps to ensure they are in compliance with the new law. Severe consequences, including increased liability and reputational damage, may result from failure to do so.
The Importance of Compliance
By prioritizing compliance and taking responsibility for their actions, companies can minimize the risks associated with the new law and maintain a positive reputation in the country.
What’s Next?
In the coming months, Chilean authorities will be closely monitoring compliance with the new law. Businesses that fail to meet the requirements may face severe penalties, including fines and even prosecution.
Conclusion
Chile’s financial crime investigation process is taking a significant turn for the tougher. Companies must be prepared to adapt to this new landscape and take responsibility for their actions. By doing so, they can maintain a positive reputation in the country and avoid any potential consequences associated with non-compliance.