To strengthen the fight against white collar crime, the Chilean Government issued Law 21.595 on August 17, 2023, the “Business Crimes Law”.
The law compiles conducts so far criminalized in different Chilean codes and regulations, classifying them in four categories and establishing a more severe formula for the calculation of the penalty for legal persons and their senior executives and directors.
The Business Crimes Law also regulates mitigating circumstances that could lead to a reduction in corporate liability, such as the implementation of an effective Compliance Program, proportional to the size and business profile of the companies. As a minimum, the program must encompass (i) risk assessments for risk-prone areas of the business, (ii) implementation of written policies and procedures, (iii) designation of one or more persons in charge of supervising compliance with the program and (iv) periodic monitoring of the compliance program.
The Business Crimes Law will become effective in August 2024.
Source: National Congress of Chile, Law 21.595