Costa Rica: Registry to protect financial assets

The system will allow for the protection of financial assets from fraud, and will detect fraud instantly and prevent it from happening.

Friday, January 23, 2009

Nacion.com reports: "This is the Registry of Financial Assets (RAF, www.ifar.bz), which will allow users to register bank accounts, term deposit certificates and any other assets which can be subject to fraud.

There, the owner will indicate his wishes regarding the assets."

More on this topic

Panama: Government Issues Alert Over Bank Fraud

June 2014

The government has reported that a fake form is in circulation asking non-residents in the country for verification of bank accounts.

From a statement issued by the Ministry of Economy and Finance in Panama:

The Ministry of Finance wishes to make public knowledge, that there is a Verification Form for Non Resident Bank Accounts in Panama in circulation that is fraudulent, since in the organizational structure of the institution there is no such unit.

Fraud Within the Company

June 2012

Better safe than sorry, a relevant phrase when assessing the risks of senior staff in the company committing dishonest acts.

60% of crimes in a company are committed by employees at lower levels and in the case of theft, the amounts are low, but 10% of such misconduct involves managers, who can divert large sums or sell industrial or commercial secrets.

Warnings in Panama Over Financial Fraud

April 2012

The Superintendency of Banks in Panama is keeping a list containing names of companies that are not authorized to perform private banking or trust activities.

Current investigations into the company Pronto Cash has brought to the fore the risk of financial fraud by companies which are not controlled by the Superintendency of Banks.

Real Estate Fraud in Costa Rica

August 2009

It is reported that up to 30% of Costa Rica's real estate offers may hide some sort of fraud.

Before considering investing or purchasing a property in Costa Rica, two key issues must be taken into consideration:

-Costa Rica's complex legal system is based in the old Napoleonic Code, and its general motto is "If there's no blood, there's no damage". Taking a civil issue to the courts costs a lot of time and money.

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