Costa Rica: More Controls to Prevent Money Laundering

A bill has been put forward which aims to include credit card operators who are not currently subject to regulation by the SUGEF.

Tuesday, August 30, 2016

If the bill promoted by the Executive thrives in the Legislature, companies that issue credit cards and who are not part of the already regulated "financial groups ... will have to identify their customers, keep their records, communicate suspicious transactions and meet other mandatory programs that will be defined by the regulator. "

Article 15 of the bill states that "...Natural and legal persons who carry out economic activities, other than those specified in Articles 14 and 15 of this Act, must provide to the UIF, at the Costa Rican Drug Institute, details of commercial transactions that they carry out regularly and in cash, including transfers from outside or those coming to them, in national or foreign currency, equal to or exceeding ten thousand dollars currency of the United States of America (US $10,000.00) or its equivalent in colones.

These economic activities are, among others, the following:
a) The sale or transfer of real estate and moveable goods registrable or not registrable, such as weapons, precious stones and metals, works of art, jewelery, automobiles and insurance policies.
b) Casinos, gambling and other operations related to gambling. 
c) Credit card operators that are not part of a financial group.
d) Professional services.
e) Alternative means of financial transfers. "


Elfinancierocr.com adds that   "...The new text aims to bring together in a single specialist body all categories of regulated subjects vulnerable to the crime of money laundering and terrorist financing, so that the Sugef can take on all actions for registration, control, supervision and punishment, said Sergio Alfaro, Minister of the Presidency. "

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