Originally from:
Doing Business in Colombia - 2nd Edition - Hardcover
Doing Business in Colombia - 2nd Edition - Electronic
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Chapter 18
Asset Laundering
Colombia is one of the most advanced countries in terms of
enforcement of asset laundering, primarily as a consequence of two factors:
• The unavoidable need to provide efficient response to the new
challenges brought up every day by organized crime; and
• The conscious commitment of public and private entities, especially
the financial sector, to enforce control of this matter.
Repression of criminal conduct is reinforced by non-criminal actions of
a real nature that fall upon assets of illicit origin or destination, incorporated
to current legislation by Law 333 of 1996, recently amended by means of
Law 793 of 2002 which consecrates the figure of extinction of dominion.
Moreover, the Colombian government has promoted the creation of
specialized teams at the Department of Security Administration (DAS), the
Technical Investigation Corps of the Office of the Attorney General (CTI),
and the Judiciary Directorship of the National Police (DIJIN).
I. CRIMINAL TYPOLOGY
Asset laundering has been typified as a criminal activity under the
Colombian Criminal Code, in the following manner:
Article 323—Asset Laundering: Whoever acquires, keeps, invests
in, transports, transforms, takes charge of or administers assets
which mediate or immediate origin is any activity of extortion,
illicit wealth accumulation, extortive kidnapping, rebellion, arms
trafficking, crimes against the financial system or the public
administration or linked to the proceeds of crimes derived from
association to commit crimes related to the traffic of toxic drugs,
narcotics or psychotropic substances or provides appearance of
legality or hides or veils the true nature of assets originated from
such activities, their origin, location, destination, movement or
rights or engages in any other action seeking to disguise such illicit
origin will be subject to, for only such conduct, to imprisonment
between six (6) and fifteen (15) years and monetary penalties
About the Firm:
Cavelier Abogados, a Colombian law firm established in 1953 that combines experience and innovation and stands out as a leading advisor in Latin America in several fields of the law. Using the most modern legal infrastructure and technology, the firm offers clients a strategic partnership for business development with legal services in Colombia and overseas countries. The strength of Cavelier Abogados lies in its Intellectual Property Law and Business Law areas, but the firm is also strong in Corporate Law, Financial Law, Foreign Investment Law, Tax Law and Mining and Hydrocarbons Law. Besides occupying prominent places in the top rankings of law publishers, the firm employs several university professors and authors of books on the practice areas of the firm. Cavelier Abogados also has a network of 469 correspondents in 143 countries. It was also one of the first Colombian law firms to have its own Code of Ethics, which contains higher standards of conduct compared to local legislation. The firm uses a multidisciplinary approach to find creative, prudent and value generating business solutions that optimize clients' return on investment while minimizing risks.
About the Contributors:
Natalia Tobón-Franco is a Lawyer from Universidad de los Andes
(Bogota, Colombia) with an L.L.M. in Intellectual Property Law from
Franklin Pierce Law Center (New Hampshire, U.S.A.); a Professor and
Author of several books and articles on Copyright Law, Freedom of Speech
and Entertainment Law; and an Associate Attorney at Cavelier Abogados.
Eduardo Varela-Pezzano is a Lawyer and Specialist in Intellectual
Property Law from Universidad del Rosario (Bogota, Colombia); an
Intellectual Property Law Professor at Universidad del Rosario; an Author
of several books and articles on Freedom of Speech, Patent, Trademark,
Copyright and Entertainment Law; and an Associate Attorney at Cavelier
Abogados.
