06/30/22 – Compliance
On 22 June, Colombia’s financial oversight authority announced signing an MoU on money laundering and terrorist financing prevention with the US Financial Intelligence Agency (FinCen). According to the oversight authority, the agreement has three purposes.
- Promote detection and compliance of legal requirements on money laundering and terrorist financing issues in both jurisdictions.
- Facilitate assistance and exchange of information related to supervisory responsibilities in these matters.
- Allow for institutional cooperation actions in terms of technological resources, analytical resources, best practices, etc.
These international cooperation agreements between regulatory authorities are a growing practice, driven by the need to share information on crimes that are often international in scope. Original Source in Spanish.
06/30/22 – Trademarks
The Colombian Country Brand went from 52 to 48 in the Global Soft Power Index, a research study published by the consulting firm Brand Finance, analyzing the perception of 120 country brands worldwide. According to the study, which analyzes the perception of roughly 100k people around the globe, the Colombia Country Brand growth was mainly driven by favorable scores in trade, international business, people, and values indicators. In addition, the study mentions that the Colombia Country Brand ranks second-highest in the region, after Brazil, and as the fourth most influential country in Latin America and the Caribbean. According to Flavia Santoro, president of ProColombia, the not too shabby results obtained are due to Colombia’s recent good reputation, which has managed to show itself to the world as a “safe, reliable, sustainable, innovative and quality destination”. Finally, it is important to highlight that the Country Brand ranking hike is one of ProColombia’s working objectives, a government agency fostering foreign investment, exports and tourism.
06/30/22 – Innovation
The Standards and Trade Development Facility (STDF), Colombia’s Sci-Tech Ministry, Colombia’s state-owned Ecopetrol, Colombia’s national training service SENA, and Colombia’s Entrepreneur Fund (Fondo Emprender) now offer entrepreneurs the opportunity to obtain grants to finance projects in several industries.
- The STDF fund will provide grants up to USD 1 million for projects that improve food safety, animal health and plant preservation seeking to comply with international sanitary and phytosanitary requirements. Closing date: 15 August 2022 Submission: call form.
- Colombia’s Sci-Tech Ministry and ECOPETROL offer up to USD 500K through mandatory reimbursement financial mechanisms to finance business plans for undertakings in Colombian regions of Meta and Santander that comply with the Invitation to submit a proposal from Colombia’s Sci-Tech Ministry and Ecopetrol. Closing date: 15 July 2022 – 17:00 COT. Submission: call for proposal form.
- Up to USD 20K through the Emprender Fund (90% of total project) to finance business plans for ventures in Colombia’s Santander region that comply with the call’s ToR and amendments thereof. Closing date: 15 July 2022 – 23:59 COT .Document Submission: fund’s platform.
06/30/22 – General
President Ivan Duque announced the end of the Public Health State of Emergency for 30 June, which started back on 12 March 2020. Said decision was taken given there are no longer any “epidemiological or scientific reasons” to maintain said emergency status after two years, three months and 18 days. The decision also considers that over 70% of the population has been immunized with the complete vaccination scheme, 36% having a first booster and 5% a second booster. The current public health state of emergency led to the issuance of 240 administrative acts, which, among others, brought about programs such as the Solidarity Income and the Formal Employment Support Program (PAEF), as well as the digitization of Colombia’s justice system. With this decision, the government expects to send a reassuring message regarding the COVID-19 pandemic, stating “this emergency made us endure the most difficult moment in our history and now Colombia is ready to move forward”.
