Legal and financial regulatory updates in Colombia, Mexico, and Ecuador

Various legal and financial updates have been reported across Latin America regarding debt, alimony, and credit reporting.

In Colombia, tax debts owed to the DIAN are subject to a five-year statute of limitations. Taxpayers can request the extinction of a debt if five uninterrupted years have passed without notification of payment or coercive collection actions.

In Mexico, legal experts detailed the consequences of failing to pay child support, including inclusion in the National Registry of Alimony Debtors. Consequences can include restrictions on driver's licenses and passports, as well as potential prison sentences of two to six years. Additionally, legal precedents in Veracruz suggest that pets may increasingly be treated as sentient beings, potentially allowing for requests regarding their custody or maintenance following a separation.

In Ecuador, the Monetary and Financial Policy and Regulation Board approved changes to credit bureau regulations. The updates reduce the period for conserving credit information from six to four years and prioritize data from the last two years when determining credit scores for financial institutions.