Chambers of Commerce and Foreign ESAL must implement SAGRILAFT and PTEE

On October 4th, the Superintendence of Companies ("SSC") published External Circular 100-000004 of 2023, addressed to all Chambers of Commerce and Foreign Non-profit Entities with Permanent Operations in Colombia ("Foreign ESAL"). Through this circular, the SSC modifies Chapters X and XIII of its Basic Legal Circular, which regulate the Integral Risk Management and Self-Control System for Money Laundering, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction ("SAGRILAFT") and the Corporate Transparency and Ethics Program ("PTEE"), respectively. Specifically, it amends sections 4 of each chapter, which regulate the scope of application of their respective compliance systems, by including Chambers of Commerce and Foreign ESAL among those obligated to implement them. Therefore, all these entities must implement both SAGRILAFT and PTEE, regardless of their assets or income.

Chambers of Commerce and Foreign ESAL that are already supervised by the SCC, must implement both compliance systems before August 31^st, 2024. Additionally, Chambers of Commerce and Foreign ESAL that fall under the supervision of the SCC in the future, must implement both compliance systems before May 31^st of the year following that in which they become supervised.

It is worth noting that according to Decree 1380 of 2021, the SCC exercises supervisory functions over the country's Chambers of Commerce. Also, Foreign ESAL started to be subject to supervision by the SCC in March of 2023 (Decree 0326 of 2023).