Operation of the system for self-control and management of the risk of money laundering and financing of terrorism in companies of the commercial sector
DOI:
https://doi.org/10.33131/24222208.306Keywords:
Money laundering, financing of terrorism, Risk managementAbstract
Money laundering and the financing of terrorism (ML/FT) are seen as significant threats to the global economy as they affect internal indicators, the integrity of markets, and ultimately the worldwide trade in clear and reliable conditions. Governmental and global business entities have faced such affectations through different norms to fight the inclusion of the economic resources of these criminal phenomena in the world economy. Companies in the commercial sector in Colombia are not exempt from this reality, as they have been experiencing a constant risk of including resources from illicit activities. Therefore, it is necessary and convenient that these companies protect themselves against these risks through the implementation of the code for Self-Control and Risk Management System of Money Laundering and financing of terrorism, also known as SAGRLAFT. This law is defined by the Superintendence of Companies, through the guidelines provided in the External Circular 100-000006 of August 19, 2016, Chapter X. This article presents a summary procedure for companies in the commercial sector to implement preventive measures from SAGRLAFT to deal with money laundering and financing of terrorism. The implementation of these preventive policies reduces the risk of incurring in legal sanctions. Also, companies avoid suspicions of corruption with criminal or illegal organizations, and business reputation is improved.
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