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Implementation of Sagrilaft and PTEE




Through Chapter X of Basic Legal Circular No. 100-000005 of 2017, fully modified by External Circular No. 100-000016 of December 24, 2020, the Superintendency of Companies established the Self-control and Risk Management Regime Comprehensive ML/FT/FPADM and suspicious transaction reporting to the UIAF, made up of the ML/FT/FPADM Self-control and Risk Management System - SAGRILAFT and the Minimum Measures Regime.


Bearing in mind that Money Laundering, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction are criminal phenomena that generate negative consequences for the country's economy and for companies in the real sector, since they can affect the good name, competitiveness, productivity and durability of companies, it is essential to implement a system of self-control and comprehensive risk management of Asset Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction._cc781905-5cde- 3194-bb3b-136bad5cf58d_

What is money laundering?

It is the crime typified in article 323 of the Colombian Criminal Code (or the norm that replaces or modifies it).

It is a figure that seeks to give the appearance of legality to money of illegal origin. Criminals through the movement of assets and money seek to create that legal appearance of their profits, or at least they want to make it difficult to follow or trace the illicit origin of their illicit profits.


What is the Financing of Terrorism?

Financing of Terrorism is understood to be: "Anyone who legally provides, collects, delivers, receives, manages, contributes, custodies, or keeps funds, assets, or resources, or performs any other act that promotes, organizes, supports, maintains, finances, or sustains financially to illegal armed groups, or their members, or national or foreign terrorist groups" (Article 345 of the Penal Code).

It is an act through which it seeks to provide financial support to terrorists or terrorist organizations, since 2006 it is considered a crime.

The detection and prevention of the movement of funds linked to terrorism is one of the most important and problematic components of compliance with anti-money laundering regulations, whether it is pertinent to investigations and law enforcement measures. In some cases, it can literally be a matter of life and death.

What is Financing the Proliferation of Weapons of Mass Destruction?

It is any act that provides funds or uses financial services, in whole or in part, for the manufacture, acquisition, possession, development, export, transfer of material, division, transport, transfer, deposit or dual use for illegitimate purposes in contravention of the national laws or international obligations, when the latter is applicable.

What is the LA/FT/FPADM Comprehensive Risk Management and Self-control Regime?

The Self-control and Comprehensive ML/TF/FPWMD Risk Management Regime is: (i)SAGRILAFT, that is, the robust regime that must identify and manage the ML/TF/FPWMD Risks of each Obligated Company, with the premise that greater risk must be greater control and (ii) the Minimum Measures Regime, that is, specific obligations in terms of self-management and control of ML/TF/FPWMD Risk.

About the LA/FT/FPADM Self-control and Risk Management System - SAGRILAFT

It is the Self-control and Comprehensive Risk Management System of ML/TF/FPWMD -SAGRILAFT must take into account the risks of the Obligated Company and the materiality, related to ML/TF/FPWMD, for which the type of risk must be analyzed. business, operation, size, geographic areas where it operates and other particular characteristics. For the above purposes, the Obligated Companies must have an ML/TF/FPWMD Risk Matrix or another equivalent ML/TF/FPWMD Risk assessment mechanism that allows them to measure and audit its evolution.

Transparency and Business Ethics "PTTE"




La Circular 100-000011 of 2021 modified the External Circular 100-000003 of July 26, 2016 y establishes that as of January 1, 2022, the provisions contained herein began to be in force; among them, the implementation of transparency and business ethics programs –PTEE–.

These programs must be adopted no later than May 31 of the year following the year in which the eligibility requirements were met.

The circular delves into issues such as the promotion of transparency and business ethics programs, and internal auditing, anti-corruption and prevention of transnational bribery mechanisms.

Who should implement it?
Supervised companies that as of December 31, 2021 have carried out transactions with foreign natural or legal persons for amounts from 100 smmlv and have obtained income or total assets from 30,000 smmlv.
Companies that as of December 31, 2021 have entered into contracts with state entities for amounts from 500 smmlv and have obtained income or total assets from 30,000 smmlv.
Companies in the pharmaceutical, infrastructure and construction, manufacturing, mining-energy, ICT, vehicle trade, accessories or auxiliary activities to financial services sectors that as of December 31, 2021 have entered into contracts with state entities for a sum equal to or greater than 500 smmlv and have obtained total income from 3,000 smmlv or total assets from 5,000 smmlv.
Similarly, companies in general may implement it as a good corporate governance practice.

What is a transparency and business ethics program?

A transparency and business ethics program –PTEE–, as established in the circular, is the document that includes the compliance policy in order to detect, prevent, manage and mitigate the risks of corruption or the risks of transnational bribery.

What should be taken into account when designing a PTEE?

The circular highlights points such as the following:

  • Identify warning signs according to risk factors.

  • Being based on a corruption and/or transnational bribery risk matrix that makes it possible to identify, evaluate and control said risks, in addition to determining the methodology applied for it.

  • Count on un compliance officer in charge of managing the PTEE that meets the requirements established in the regulation.

  • Have policies on remuneration, delivery of gifts, benefits and conduct in general that may generate risks.

  • Have audit procedures on its application and tending to its update.

  • Include sanctioning channels and dissemination of the program.

  • Have channels for denouncing suspicious activities and for reporting acts of corruption or transnational bribery to the Supersociedades and the Secretary of Transparency.


AML Anti Money Laundering



AML is an acronym for the English concept Anti-Money Laundering that we would translate as prevention of money laundering (PBC). It is a concept used mainly in the financial and legal world to describe the legal controls that financial institutions and other regulated entities must comply with in order to prevent, detect and report possible activities suspicious of money laundering.

What does money laundering mean and how is it defined?

Money laundering (also known as money laundering or money laundering) is the set of mechanisms or procedures aimed at giving the appearance of legitimacy or legality to goods or assets of criminal origin.

El International Financial Action Task Force – FATF (Financial Action Task Force – FATF) defines money laundering as the conversion or transfer of property, knowing that it derives from a criminal offence, with the purpose of hiding or disguising its illegal origin or helping any person involved in the commission of the crime to evade the legal consequences of his action.

Money laundering, in general, involves the location of funds in the financial system, the structuring of transactions to disguise the origin, ownership and location of the funds, and the integration of funds into society in the form of assets that have the appearance of legitimate.

It is important to make a distinction between money laundering and black money because they are two terms that tend to be associated, but are not always the same. We would understand two different types of black money:

  • Black money in the strict sense: It is the one that comes from illegal activities (theft, embezzlement, drug trafficking, arms trafficking, prostitution, contraband...) It cannot be declared because it would imply a confession of the crime in question. In these cases, the procedure by which dirty money is passed off as legally obtained money is called money laundering and its objective is to make that money pay taxes and appear officially as coming from a legal activity.

  • Black money in the broad sense: It is all money that has not been declared, whatever the reason, and therefore it is considered tax evasion. The most frequent case is tax evasion. This type of money is not considered money laundering and does not fall within the classification of that crime, but could be considered a tax crime.

The relevance of the International Financial Action Task Force - FATF (Financial Action Task Force - FATF) to define the regulations for the prevention of money laundering

These guidelines begin to gain relevance worldwide after the creation of the International Financial Action Task Force - FATF (Financial Action Task Force - FATF), an intergovernmental institution created in 1989 to promulgate an international framework of anti-money laundering regulations. of capitals. At that time it had 16 member countries and currently it is made up of 36 countries and eight associate members and has 25 international organizations as observers. After the attacks of September 11, 2011 in the United States, these standards began to have more international relevance.

The FATF has published a series of recommendations that consist of a conceptual framework that requires legal and regulatory implementation in each member country to adapt its regulatory framework to these international standards.

In general terms, an effective AML program requires a jurisdiction in which money laundering is criminalized, with the enactment of laws to prevent it, as well as introducing the tools for the relevant investigation. In addition, the possibility of sharing information with other countries must be developed. One of the basic points of AML programs globally is to require financial institutions la identification of your customers (KYC), establish risk-based controls, and maintain logs and reports of suspicious activity. This activity is carried out in un Compliance Department (Compliance in Spanish) which in the past had an administrative function of little importance in most financial institutions and in recent years has taken a leading role in financial companies that, due to the pressure of some governments on indebted been forced to apply Compliance processes more strictly than they were used to.

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