Chile: Jail time for price-fixers passed

Both chambers of Chile’s Congress gave their approval last week to an awaited government-backed proposal which redefines the crime of economic collusion, making price-fixing a felony punishable with jail time, as well as increasing possible economic sanctions.

The bill brings back prison time for individuals who coordinate price fixing schemes, a penalty abolished under President Ricardo Lagos’ administration in 2003. Lagos’ government had increased the economic sanctions available, as well as introducing leniency programs to Chilean legislation.

The new law sets possible jail time of between three to ten years to those found guilty of collusion, with a mandatory period of at least one year behind bars. The country’s leniency programs have also been bolstered, allowing the first individual to come forward to avoid jail time, while second-comers will have their penalties reduced.

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