If you're participating in Spanish or Italian link networks, you might want have a pretty close look at your site and see if there’s anything you clean up now.
If you have websites in either of those languages, and you bought links in the past, you should be proactive and take Cutts' less than subtle hints and request that those links either get removed or submit a disavow link request to get those links discounted before the penalty comes down.
If you don’t clean up any unnatural back links prior to the penalty, you will likely see the penalty show up in your Google Webmaster Tools account sometime within about a week of the link network being penalized. However it is definitely worth taking the time to make the changes now, especially if you’re concerned about losing traffic after you get penalized but before the reconsideration request is approved.
Google has been making a huge push the last few months to tackle the problem of paid links and link networks in both English and other languages. Links to some of those stories are below.