On May 15, Congress passed a Bill that formalizes economic crimes and environmental offenses and adjusts the penalties applicable.
Of particular interest among the laws modified by the Bill is Act 20.393, which establishes the criminal liability of legal entities, and undergoes four major changes:
1. Expansion of the catalogue of crimes and legal entities susceptible of incurring criminal liability. More than 100 new economic crimes are included, which are related to:
i. the Securities Market Act;
ii. the General Banking Act;
iii. the Act on Transparency, Limit and Control of Electoral Expenditure;
iv. the Tax Code;
v. the Customs Ordinance;
vi. the Act on bank accounts and checks;
vii. the Environment;
viii. the Mining Code;
ix. the General Telecommunications Act;
x. the General Act of Urbanism and Construction;
xi. the Intellectual Property Act; and
xii. Decree Act 3,500 which regulates the Pension System, especially with respect to employers.
The Bill also incorporates the following legal entities as criminally liable under Act 20,393:Â companies, corporations and universities of the State, political parties, and religious legal entities of public law. Read more
