FEB 2018
The New Compliance Legislation Has Arrived to Peru

The New Compliance Legislation Has Arrived to Peru


In this article by Darío Jiménez for legisl.pe he explains the details of the new compliance legislation that has already entered into force in Peru. First, it is important to define compliance, which is a model that 'can be defined as the internal regulation that private legal persons adopt in order to guarantee business ethics and prevent unlawful acts.' This is a global regulation that can be modified and adapted by countries.

In the case of Peru, this regulation came into force in 2002 and it has undergone certain modifications until January 6,2017, when the Government of the Republic published Legislative Decree 1352, which extends the administrative responsibility of legal persons. This legislation came into force on January 1, 2018, so from that moment onwards, companies that 'are involved in corruption, money laundering or terrorist financing crimes may face administrative sanctions', as Darío Jiménez states.

The new legislation brings new requirements for legal persons; including the need for an internal prevention model, since otherwise sanctions can go up to the complete termination of the company. However there are still doubts about these sanctions and the entity responsible for them. In any case, Darío Jiménez points out that there is an important exception: 'the legal person will be exempt from administrative responsibility for the commission of the aforementioned crimes, if an appropriate prevention model has been implemented prior to the crime.'

At the moment, companies are wondering what to do if they have not yet adapted to this standard. Although there are several options, the most complete one seems to be performing an internal audit defining the business ethics and decision-making process.

You can check out the full article here (SP only).