The Superintendency of Companies, in its Circular externa number 100-000004 dated October 4th, 2023, issued important information to Cámaras de Comercio and foreign NOP with permanent businesses in Colombia regarding the application of Chapter X of the circular externa that establishes the SAGRILAFT and Chapter XIII of the circular externa that amends the PTEE.
Within this circular, it is mentioned that the Superintendency of Companies is empowered to conduct the inspection, surveillance, and control of the economic, accounting, administrative, financial, and legal activities of Cámaras de Comercio. Likewise, among the functions of the Superintendency are directing, instructing, guiding, coordinating, and controlling the exercise of the assigned powers in relation to Cámaras de Comercio, their federations and traders. In the same way, according to Article 1 of Decree 0326 dated March 8, 2023, the Superintendency will also exercise inspection, surveillance, and control over foreign non-profit entities with permanent businesses in Colombia.
Due to these reasons and the need to implement systems and programs aimed at mitigating potential risks of money laundering, terrorism financing, proliferation of weapons of mass destruction financing, corruption, and transnational bribery (AML/CFT/CFPWMD/C/B) that may arise within these entities, the Superintendency has modified Chapters X and XIII of the circular básica jurídica as follows:
- The scope (paragraph 4) of Circular Externa 100-000016 dated December 24, 2020, modified by Circular Externa 100-000004 dated April 9, 2021, and 100-000015, has been amended to include paragraphs 4.4 and 4.5, which state that ALL Cámaras de Comercio in the country and foreign Non-Profit Entities with permanent businesses in Colombia are obligated to comply with paragraph 5 of Chapter X, which regulates the SAGRILAFT and are obligated to comply as well with paragraph 4 of chapter XIII, which regulates the PTEE.
- In regards of implementation deadlines, it is mentioned that Cámaras de Comercio and foreign NOP with permanent businesses in Colombia under the supervision of the Superintendency of Companies must implement the SAGRILAFT and PTEE by no later than August 31, 2024. After this deadline, new Cámaras de Comercio and foreign NOP obligated to implement the SAGRILAFT and PTEE will continue with the implementation no later than the following May 31.
This modification demonstrates the commitment of the Superintendency of Companies to mitigate AML/CFT/CFPWMD/CB risks by expanding its scope and inspection of more entities at the national level and, to some extent, covers entities that had significant uncertainty about supervision and inspection.
Remember that at Amézquita, we have experienced professionals who can guide you in everything you may need regarding the implementation of SAGRILAFT and PTEE, as well as the services of outsourcing the Compliance Officer.
