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In AML & Financial Services Regulatory

Colombia: Chambers of commerce and foreign non-profit entities have until 2025 to implement their PTEE and SAGRILAFT

by , , and 2 Mins Read

The Superintendence of Companies, through its External Circular No. 100-000003 of 23 April 2024 (hereinafter the “Circular”), extended the deadlines for the Chambers of Commerce and Foreign Non-Profit Entities (in its acronym in Spanish “ESALs”) to implement the Integral Self-Control and Risk Management System of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction and Business Transparency and Ethics Programs. The new deadline is on 31 May 2025.

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In ESG

Argentina: Mining in Mendoza — Amendment to the Mining Procedures Code and progress in the global environmental impact report of the Malargüe District

by , and 3 Mins Read

On 23 April 2024, the Senate of the Province of Mendoza (“Province”) approved the reform of the Mining Procedures Code (MPC), incorporating international control standards to promote sustainable mining in the Province. The text indicates that it will become effective 15 days after it is published in the Official Gazette of Mendoza. The modifications grant the Province more control powers and prerogatives, as well as more influence.

In Tax

Argentina: Extension of the PAIS Tax scope

by , and 3 Mins Read

On 6 May 2024, Decree No. 385/2024 was published in the Official Gazette, extending the scope of the Impuesto PAĂŤS (“PAIS Tax”) to include the acquisition of foreign currency to distribute profits and dividends, as well as to repatriate nonresidents’ portfolio investments, generated from payments received in Argentina for these concepts from 1 September 2019. In addition, the tax will also apply to the subscription of BOPREAL bonds for the previous purposes.

In Tax

Argentina: Personal Assets Tax — Benefits for repatriating financial assets

by and 2 Mins Read

On 2 May 2024, Decree No. 378/2024 was published in the Official Gazette, extending the deadline for repatriating financial assets of at least 5% of the total value of the assets located abroad until and including 31 May 2024.
As a reminder, the applicable Personal Assets Tax (PAT) rates for assets located abroad will be the same as those applicable to assets located in Argentina if taxpayers repatriate financial assets of at least 5% of the total value of the assets located abroad before 31 March of each year and if certain additional requirements are met.

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In AML & Financial Services Regulatory

Colombia: The Superintendence of Companies imposes a fine regarding Excel-based risk matrixes

by , , , and 2 Mins Read

In a recent decision, the Superintendence of Companies determined that an Excel-based risk matrix of the Self-Control and Integral Management System of Money Laundering, Terrorism Financing and Financing of the Proliferation of matrixes and of the Business Transparency and Ethics Program was insufficient because it did not allow to individualize, measure, assess and mitigate the risks identified.

In Product Regulation & Liability

Brazil:  Senate approves controversial bill on clinical research involving human biological material

by and 3 Mins Read

On 23 April 2024, the Federal Senate approved Bill 6,007/2023, which originated as Bill 200/2015, and which generated intense debate among all those involved in the clinical research ecosystem. While the bill was supported by the economic sectors and part of academia due to the stability and security it brings to clinical research in Brazil, various social segments, part of academia and government authorities who are members of the system raised concerns about the possibility of weakening national ethical guidelines and dismantling the CEP/CONEP system.

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In Tax

Colombia: DIAN and Superintendence of Companies agree to exchange information from the Ultimate Beneficial Owner Registry

by , , and 2 Mins Read

The Colombian Tax Office (“DIAN”) and the Superintendence of Companies have entered into an inter-administrative agreement for the exchange of information related to the Ultimate Beneficial Owner Registry, to strengthen the inspection and control functions of these entities and their investigative powers.

In Cybersecurity, Data and Tech

Brazil: Data Protection Authority publishes Regulation on Notification of Security Incident

by and 3 Mins Read

On 26 April 2024, the Brazilian Data Protection Authority (ANPD) published the Resolution CD/ANPD no. 15 which approved the Regulation on Notification of Security Incident (“Regulation”). Such Regulation sets forth the mandatory procedures that data controllers must follow when notifying security incidents to ANPD and personal data subjects.
According to Law No. 13,709/18 (Brazilian General Data Protection Law, or LGPD), the controller must notify the occurrence of a security incident that may give rise to relevant risk or damage to data subjects not only to ANPD, but also to the data subjects.

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