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In brief

On 2 May 2022, the National Assembly published the Partial Reform Law with the Rank, Value and Force of Law Against Corruption (“Reform“).1

The Reform introduced, among others: (i) a broader definition of “Public Patrimony”; (ii) the obligation for electronic filing of the Sworn Statement of Net Worth through the creation of an automated system under the direction of the Office of the General Comptroller of the Republic; (iii) the annual update of the Affidavit; (iv) an increase in the sanctions by changing the Tax Unit (TU)2 for the official exchange rate of the currency of the highest value published by the Central Bank of Venezuela at the time of the payment; and (v) the unpaid suspension term for public officers who incur on the cases detailed below.

The Reform entered into force on 2 May 2022 and partially repealed the Reform Law of the Law Against Corruption published on 19 November 2014 (“Law“).3


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Author

Jesús Dávila joined Baker McKenzie in 2002 and became partner in 2009. He is recognized as a leading lawyer in Venezuela by Chambers Latin America and IFLR1000. Jesus advises domestic and multinational companies on the full scope of corporate transactions, including mergers, acquisitions, takeovers, joint ventures and a variety of other corporate work. He has a strong track record providing insightful advice to companies on matters of antitrust, foreign investment and technology transfer, IT/Communications, and trade and commerce. Jesus has been a professor in various renowned universities in Venezuela.

Author

Maria Celis joined the Firm in 1997 and became partner in 2008. She has 20 years of experience working in corporate, mergers and acquisitions, joint ventures, telecommunication, real estate, and anti-trust matters and works with important national and international companies on all corporate reorganization and M&A matters. She heads the Diversity & Inclusion committee of the Caracas office.

Author

Adriana Goncalves is a Senior Associate in Baker McKenzie Caracas office.

Author

Marie Roschelle Carolina Quintero Sabino is an Associate in Baker McKenzie, Caracas office.

Author

Maria Uzcategui is an Associate in Baker McKenzie, Caracas office.

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