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The Reform entered into force on 2 May 2022 and partially repealed the Reform Law of the Law Against Corruption published on 19 November 2014 (“Law“).3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 A. Dávila
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.
Baker McKenzie and Trench Rossi Watanabe have executed a strategic cooperation agreement for consulting on foreign law.
Author
Adriana Goncalves
Adriana has more than 15 years of experience in comprehensive corporate counseling and international operations. She has been a member of Baker McKenzie since 2014, developing her practice in Corporate Law (M&A/PE), Healthcare & Life Sciences, Compliance, and Competition & Antitrust. Adriana is one of the five lawyers in the country who were shortlisted as “Venezuela Lawyer of the Year” in the Chambers Women in Law Awards: Latin America 2018, and she has been ranked as Associate to Watch for three consecutive years by Chambers Latin America Guide 2023, 2024 and 2025. She is also a member of the Firm’s LA Healthcare & Life Sciences Steering Committee, the LA M&A Steering Committee and the LA Inclusion Diversity & Equity Steering Committee.
