By means of the Anti-Corruption Act (2195 of 2022), in addition to reinforcing anti-corruption measures, Colombia’s Competition Protection Regime was amended, particularly rules on benefits for collaboration and sanctions for individuals and corporations.
Nevertheless, the Constitutional Court ruled groundless articles related to restrictive practices of competition, removing the evaluation of new criteria by the SIC such as, for example, profits received by the offender derived from any conduct when the percentage exceeds other criteria. Thus, fines of up to USD 25 million and USD 495,000 for corporations and individuals, respectively, will continue to be considered with criteria initially foreseen.
Competition law remains one of Colombia’s priorities and this is why companies should consider the implementation of a risk management system covering this matter.
