The fight against corruption and the promotion of ethical business practices have become priorities for the Colombian government. In this context, the Business Transparency and Ethics Program (PTEE) has emerged as an essential tool for companies, especially those with high economic impact and international ties, to implement effective prevention mechanisms.
Legal background and regulatory framework
The legal basis of the PTEE is found in Law 1778 of 2016, known as the Anti-Bribery Law, which established rules on the responsibility of legal entities in acts of transnational corruption and recognized the role of the Superintendency of Companies to promote preventive practices in the supervised companies.
In compliance with these provisions, the Superintendency of Companies issued in 2016 the Guide for the implementation of anti-corruption compliance programs, through External Circular CE 100-000003, which guides those supervised on the design and implementation of programs aimed at preventing corrupt conduct.
In 2021, through External Circular CE 100-000011, the Superintendency added Chapter XIII to the Basic Legal Circular, expressly promoting the adoption of the Business Transparency and Ethics Program, especially to prevent transnational bribery and strengthen ethics in the Colombian business sector.
Companies required to implement the PTEE
In accordance with current regulations, supervised companies that meet one or more of the following conditions are required to implement this program:
- They have carried out direct or indirect international business or transactions for amounts equal to or greater than 100 current legal monthly minimum wages (SMMLV), and have total income or assets greater than 30,000 SMMLV.
- They have entered into contracts with state entities for values equal to or greater than 500 SMMLV, and meet the income or asset requirements already mentioned.
- Companies belonging to specific sectors (pharmaceutical, infrastructure, manufacturing, mining and energy, information technology, vehicle trade, auxiliary financial services) that exceed certain income or asset thresholds, according to the ISIC coding and detailed rules.
Sector | Economic activities | Income or Assets |
Pharmacist | CIIU 2011,2100,3250 y 4645 | IT => 3000 ó AC => 5000 |
Infrastructure and Construction | CIIU 4111,4112,4210,4220 o 4290 | IT => 3000 ó |
Manufacturer | CIIU 1020, 1030, 1040, 1051, 1063, 1071,1072,1081, 1082, 1083, 1084, 1089, 1090, 1391, 1399, 1410, 1420, 1430, 1512, 1521, 1522, 1701, 1640, 2013, 2014, 2030, 2219, 2410 y 2651, 2826, They are dedicated to transforming raw materials into a fully finished product | IT => 3000 ó |
Mining and Energy | CIIU B05, B07, 4662 | IT => 3000 ó |
Information and Communication Technologies | CIIU 6120, 6130, 6190, 6209 | IT => 3000 ó |
Trade in vehicles, their parts, pieces and accessories | CIIU 4511, 4512, 4530 y G4541 | IT => 3000 ó |
Auxiliary Activities of Financial Services | CIIU 6619 | IT => 3000 ó |
Validity and compliance
The provisions came into effect on January 1, 2022, and companies that meet the requirements must implement the PTEE no later than May 31, 2022.
Benefits and recommendations
Implementing a Business Transparency and Ethics Program not only avoids penalties for non-compliance with the Superintendency’s instructions, but also strengthens the management of the risk of transnational corruption and bribery.
In addition, companies can choose to become Adopter Entities of good business practices, which improves trust with their counterparts and ensures safer and more sustainable business relationships.
Specialized legal services
At Páez Martin, we have expert professionals in the implementation and consulting of anti-corruption programs, compliance, business ethics, and regulatory compliance to support your company in the proper management of risks and the establishment of effective controls.
