Chile: Congress ready to pass new Competition Law

Chilean president Michelle Bachelet’s government has now practically completed their long project to reform the country’s competition laws. Only missing is the upcoming approval of the Law by Chile’s congress. The re-vamped legislation includes new penal sanctions for violators, including up to three-to-ten years behind bars for individual executives.

As well as prison time, the project raises possible sanctions to up to 30% of sales during the period. It also provides mechanisms to bar company executives and salesmen from standing for public office, working in state-owned enterprises, taking management positions in Open Anonymous societies or from holding any management-level position in labour or professional unions, for a period of up to 10 years.

The law will also include new leniency provisions, allowing those who first come forward to the National Prosecutors (FNE) to be free of criminal responsibility and fines, with reduced benefits to subsequent voluntary admissions of guilt.

Full Content: América Económica

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.