President Iván Duque sanctioned a new Transparency Law

President Iván Duque sanctioned a new Transparency Law

The President of the Republic, Iván Duque, sanctioned the Law of Transparency, Prevention and Fight Against Corruption, with which the government “lifts the corporate veil of companies to confront those who seek to profit from public resources.”

(See: Presidential 2022: Ingrid Betancourt is launched and Dilian withdraws)

This will apply in cases where there is serious indications that the action or omission of a legal person can determine that there are cases of corruption that put public resources at risk or apply when the legal person promotes or is in a state of insolvency or liquidation, and puts at risk the compensation of the affected public property or when damage has been caused by the exploitation or appropriation of public goods or resources for the benefit of third parties.

(Also read: Comptroller denounced fraud in transfers of the Victims Unit).

The standard enables Early disposal of affected assets with precautionary measures for confiscation purposes, with the aim of facilitating its monetization and administration.

The law also develops mandatory transparency and business ethics programs, as well as strengthening institutional educational projects in schools, and creating the detection and early warning system to combat the unjustified increase in assets by public servants and to know the final beneficiaries of the contracts, among other actions.

(What’s more: Council of State denied lawsuit against the sale of Isagen).


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