February 2021 Regulatory Update: 3 LatAm Offices Report Changes

Three BLH offices reported updates in February 2021

The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Colombia, and Paraguay report the following regulatory updates for February 2021 that could affect your business interests.

At Biz Latin Hub our multilingual teams based throughout Latin America and the Caribbean offer legal, accounting, and back-office support to foreign companies operating in or looking to enter the region.

If you would like to learn more about how we can assist your international expansion and help you build your business, contact us today.

Bolivia

The Bolivian government and its institutions introduced two notable regulatory updates in February:

Regulatory activityOutcomes for business
Ministerial Resolution 009.2021

Published:
Feb 05, 2021
Approves new regulation regarding commercial and accounting obligations for companies and annuls Administrative Resolution 052/2011.
Law N°1359

Published:
Feb 17, 2021
Allows for the direct contracting of goods and services overseas in the context of the ongoing pandemic.

Colombia

The Colombian government and its institutions introduced two notable regulatory updates recently:

Regulatory activityOutcomes for business
Temporary legal status for Venezuelans

Announced:
08 Feb, 2021
This statute provides temporary protection to the almost 1.7 million Venezuelan migrants present in Colombia, who will have a 10-year period to acquire a resident visa. This measure seeks to stimulate regular migration and reduce current and future irregular migration figures.
External Circular 100-000016 issued by the Superintendence of Companies.

Announced:
24 Dec, 2020



On December 24th, 2020, the Superintendence of Companies issued External Resolution No. 100-000016. The resolution is focused on anti-money laundering (AML), financing of terrorism (FT) and financing of proliferation of weapons of mass destruction (FPWMD). The new AML/CFT/FPWMD regime comprehensively amends existing regulations on these issues. Collectively these matters are dealt with according to the ‘Self-control and Risk Management System for Money Laundering and Terrorism Financing” (Sistema de Autocontrol y Gestión del Riesgo de Lavado de Activos y Financiación del Terrorismo — SAGRLAFT), a set of standards that medium and large companies are expected to adhere to.

As part of the new resolution, notions relevant to SAGRLAFT were adopted, and others that were already established in the previous regulations were amended. Among the additions were (i) the inclusion of a definition for Virtual Assets, and (ii) adjustments to the final beneficial owner’s definition.

SAGRILAFT establishes a minimum set of risk prevention and management measures. The deadline for implementing the SAGRILAFT, or making sufficient amendments to comply with it, is May 31, 2021.

Paraguay

The Paraguayan government and its institutions introduced one notable regulatory update in February:

Regulatory activityOutcomes for business

General resolution N° 81/2021


Published:
February 16, 2021
(PDF download)
Regulates losses carried forward for Business Income Tax for FY 2019

Contact Biz Latin Hub to discuss how we can support you

At Biz Latin Hub, our multilingual accounting and legal professionals provides invaluable specialist commercial representation and expert support for doing business in Latin America and the Caribbean. Our full suite of market entry and back-office services leaves our clients safe in the knowledge they have all commercial bases covered and are fully compliant with current legislation and regulatory requirements.

Contact us now to learn more about how we can help you comply with the regulatory environment in Latin America and the Caribbean.

Learn more about our team of professionals driving successful compliance practices and enabling commercial expansion across Latin America.

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Categories: LATAM

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