by Juan Manuel González | Sep 16, 2024 | Noticias-en
In a context where sustainability and respect for the environment are increasingly important to consumers, companies are faced with the challenge of demonstrating their genuine commitment to ecology.
However, some organisations fall into the trap of greenwashing, a deceptive practice that consists of promoting an ecological image without adopting real sustainable practices. To avoid this problem and build a genuine reputation, companies should follow a series of key recommendations.
- Define and understand your real environmental impact
The first step to avoiding greenwashing is to have a clear understanding of your company’s environmental impact. Conduct a thorough assessment of all your operations to identify areas where you can reduce your ecological footprint. This includes production, resource consumption, waste generated, and the supply chain. Make sure your sustainable practices are based on real, objective data.
- Set clear and measurable goals
Once you understand your environmental impact, set clear, achievable goals to improve your sustainability. These goals should be specific, measurable, attainable, relevant and time-bound (SMART). Communicate these goals transparently to your customers and stakeholders and publish regular reports on your progress. Transparency is critical to building trust and avoiding the perception of greenwashing.
- Verifiable eco-labels and certifications
Obtaining third-party-recognized certifications is an effective way to demonstrate your commitment to sustainability. Certifications such as ISO 14001, the LEED standard for green buildings, or eco-labels such as the EPA or FSC seal for wood products, lend credibility to your sustainability claims. Make sure these certifications are from accredited bodies and meet rigorous standards.
- Avoid ambiguous and generic statements on your products
Vague claims like “100% natural” or “eco-friendly” without specific details can be a sign of greenwashing. Avoid using broad, unclear terms that don’t provide concrete information about how your products or practices are actually sustainable. Instead, provide specific details about which aspects of your operations are sustainable and how they compare to industry standards.
- Educate and train your team
A commitment to sustainability should be an integral part of your company culture. Train your team on sustainable practices and the importance of transparency. Encourage an eco-minded approach at all levels of the organization, from senior management to production staff. Ongoing sustainability education will help prevent the adoption of greenwashing practices and maintain an authentic and responsible approach.
- Ensure the veracity of your communications
Before making any claims about the sustainability of your practices, make sure that all information provided is accurate and verifiable. Conduct internal or external audits to validate your claims and periodically review your strategies to maintain accuracy. Truthfulness in communication is crucial to avoid misunderstandings and maintain consumer trust.
- Involve stakeholders
Sustainability is a collaborative effort. Involve your stakeholders, including customers, suppliers, and local communities, in the process of continuous improvement. Ask for their feedback and consider their concerns when developing and adjusting your sustainable practices. This approach not only improves the authenticity of your initiatives, but also strengthens relationships and loyalty to your brand.
- Monitor and adjust your practices
Finally, commitment to sustainability is a dynamic process. Continuously monitor the environmental impact of your practices and adjust your strategies as needed. Sustainability is a journey, not a destination, and requires constant adaptation to new technologies, regulations, and market expectations.
Avoiding greenwashing involves a genuine and transparent approach to sustainability and by considering and carrying out these eight recommendations mentioned above, you can build a strong and authentic reputation around your commitment to the environment.
As a result, it can bring significant benefits to your business in terms of reputation, customer loyalty, regulatory compliance and competitive advantage.
But more importantly, this approach not only prevents greenwashing, but also contributes to a more sustainable future for all.
by Juan Manuel González | Sep 10, 2024 | Noticias-en
On September 10, 2024, Parliament approved the bill for the regulation of virtual assets (the Law), which modifies the current regulations to formally recognize virtual assets, equating them regulatoryly to book-entry securities, and includes Virtual Asset Service Providers (PSAV) within the regulatory and supervisory scope of the Central Bank of Uruguay (BCU).
Below we highlight the most relevant points:
- A new species is added within the genre of scriptural values
The Law modifies article 14 of the Securities Market Law No. 18,627, with the purpose of including virtual assets within the definition of book-entry securities. As of this modification, book-entry securities will be divided into two categories:
- centralized registration (which maintain the current regulations in their entirety); and
- decentralized ledger, a new category that encompasses virtual assets, which are characterized by the absence of a centralized registering entity, since they are issued, stored, transferred and negotiated electronically through distributed ledger technologies.
With the addition of this new class, the rules applicable to book-entry securities will be extended to virtual assets, to the extent that they are compatible with the nature of the latter’s non-centralized registry.
- PSAVs are included within the regulatory and supervisory scope of the BCU
The Law modifies articles 37 and 38 of the Organic Charter of the BCU (Law No. 16,696), with the aim of placing the PSAVs that operate with virtual assets of a financial nature under the control of the Superintendency of Financial Services (SSF).
In addition, the BCU will regulate and supervise the activity of entities that provide virtual asset purchase and sale services, in accordance with the definition it adopts for such purposes.
PSAVs must request authorization from the BCU to operate, which will grant or deny it based on criteria of legality, opportunity and convenience, and may revoke it in the event of serious violations, in addition to establishing the rules for their operation.
- PSAVs are regulated in terms of money laundering and terrorist financing control
The Law also seeks to make the PSAVs subject to the regulatory and supervisory powers of the BCU in the area of money laundering and terrorist financing control for the activities they carry out. This is because the entities included in the second paragraph of article 37 of the Organic Charter of the BCU are also, by legal provision, subject to this type of control.
For more information contact:
Carla Arellano | Ferrere Advisor | carellano@ferrere.com
by Juan Manuel González | Sep 10, 2024 | Noticias-en
Today, our personal data is a valuable asset that is constantly circulating on the Internet and we leave a digital footprint that can be used in various ways. Given this situation, Law 1581 emerges as a beacon of protection, establishing a solid legal framework to guarantee our privacy in the digital world.
This Colombian regulation recognizes and protects the fundamental right of all people to know, update and rectify the information that has been collected about them. At the same time, it establishes clear limits on the collection, use and disclosure of personal data, thus avoiding abusive practices such as discrimination and the misuse of our information.
For businesses, Law 1581 represents an opportunity to build relationships of trust with their customers. By complying with this legislation, organizations demonstrate their commitment to transparency and data protection, which in turn strengthens their reputation and brand loyalty.
For further information, contact:
Oscar Tutasaura | Partner Posse Herrera Ruiz | oscar.tutasaura@phrlegal.com
by Juan Manuel González | Sep 4, 2024 | Noticias-en
Parliament has just approved a new law establishing a regulatory framework for crimes committed in the digital environment, with the aim of addressing the challenges posed by cybercrime. This legislation will provide tools to prevent and punish illegal digital activities, in a challenging context with the emergence of new forms of crime.
The law is structured into four main chapters:
I. Classification of computer crimes
Defines and penalizes new illegal conduct:
Cyberbullying: This occurs when electronic means (such as the Internet, social networks, text messages, etc.) are used to persistently stalk, monitor or try to approach another person, seriously disrupting their life.
Computer fraud: occurs when electronic means are used to deceive another person and obtain a financial benefit, causing harm to the victim (for example, unauthorized transfers, use of cards).
Computer damage: This occurs when a person destroys, alters or disables computer systems with the aim of causing damage. This may include, for example, deleting files, introducing viruses, or blocking access to computer systems.
Unlawful access to computer data: criminal conduct consisting of unauthorized access to third-party computer systems in order to obtain, manipulate or distribute the information contained therein.
Unlawful interception: This occurs in cases of total or partial interception of communications that are in transit through computer networks or systems.
Data breach: This occurs when a person, using any type of technology, accesses, appropriates, uses or modifies confidential information of third parties without their authorization.
Identity theft: occurs when a person falsely assumes the identity of an individual or entity, using social networks, emails, bank accounts, digital platforms and any other computer system that allows obtaining personal information and access credentials.
Device abuse: This occurs when a person creates, acquires, introduces into the country, sells or provides to other individuals, programs, credentials or passwords whose main objective is to facilitate the commission of a crime.
II. Prevention and education measures
It establishes the obligation of the State to promote awareness campaigns on computer security and to foster education in cybersecurity. It also provides mechanisms for collaboration between the public and private sectors in the implementation of preventive measures.
III. Cybercriminal Registry
It enables financial intermediation institutions and electronic money issuing entities to create records of people involved in illegal activities in cyberspace. In this context, the law exempts these entities from banking secrecy, so they can share their records among themselves and with the competent authorities in order to file complaints or take steps to prevent and mitigate cybercrimes.
IV. Prevention of non-consensual transactions
It empowers financial intermediation institutions and electronic money issuing entities to freeze funds in client accounts originating from unknown and unauthorized transactions from third-party accounts.
This new Law will surely promote, among others, the following aspects:
Strengthening the legal framework and prevention: provides authorities with tools to investigate and punish these crimes more effectively. Prevention and education measures should help reduce their incidence.
Tools for the financial system: grants the financial system the power to, among other measures, freeze accounts in the event of unauthorized transactions, enabling timely action to prevent or mitigate their effects.
International cooperation: establishes a legal framework that enables international cooperation, facilitating the exchange of information and assistance between countries. It also brings Uruguay closer to joining the “Budapest Convention”, an international treaty designed to combat cybercrime.
For it to come into force, it remains for the Presidency to promulgate it and publish it in the Official Gazette (coming into force 10 days later).
by Juan Manuel González | Aug 29, 2024 | Noticias-en
With more than 15 years of experience in Compliance, Yoab Bitran joins Albagli Zaliasnik (az) as the new director of the Compliance group to lead, together with Rodrigo Albagli, a value proposition based on the prevention and active management of legal, regulatory and reputational risks for companies and organizations.
He is a lawyer from the University of Chile with a Master’s degree in Business and Corporate Criminal Law from the same institution. He also holds an LL.M from Boston University.
He has served as academic director of the Thomson Reuters Compliance LatAm Diploma and professor of the Legal Management Program LatAm Diploma at the Pontificia Universidad Católica de Valparaíso (PUCV).
Throughout his career he has actively contributed to the compliance and corporate ethics industry as Head of LRN Latin America, the largest company in the world dedicated to ethics and compliance.
His professional career also includes his time as an International Associate at Chadbourne & Parke and as part of the legal management of ENAP.
Rodrigo Albagli, partner at the firm and who manages the compliance area at az, emphasizes that “Yoab will strongly support our expansion plan for the Compliance area, which represents a strategic pillar for the sustained development of az in the coming years.”
“It is time to push for excellence in ethics and compliance. Yoab has the experience, tools and knowledge to support companies in raising standards and guiding the effective implementation of compliance programs,” Albagli emphasized.
Yoab focuses his practice on advising companies of various sizes and industries, as well as on building and sustaining ethical corporate cultures. One of his main goals is to promote ethical leadership and best practices in the region, and he is frequently invited as a speaker at international conferences and events.
“I am excited to maintain and strengthen az’s leadership in our country and become a regional benchmark in compliance best practices. We have the opportunity to have a significant impact on raising ethical standards in Latin America, taking advantage of our role as founders and coordinators of the Compliance Latam platform,” concluded Yoab.