Guatemala Drafts Banking Secrecy Law

In two weeks, the Guatemalan Banking Regulator (SIB) is to send congress a proposal seeking to regulate banking secrecy.

Friday, August 20, 2010

Together with the secrecy law, another initiative forbidding bearer shares will also be submitted.

The head of SIB, Édgar Barquín, indicated that, "the initiatives seek to modify article 63 of the Banking and Financial Groups Law, which refers to operational confidentiality, as well as to amend the Tax Code in order to prohibit bearer shares," reports

More on this topic

Guatemala: Urgent Need to Eliminate Banking Secrecy

April 2011

The country could face economic sanctions if congress fails to approve new laws in its next two sessions.

Guatemalan banking regulator, Édgard Barquín, has reiterated several times to congress the urgency of approving the Banking Secrecy Law that will enable the country to come off the list of those that do not cooperate with fiscal transparency.

Costa Rica: Discussion on Bank Secrecy Relegated

July 2011

The urgency to pass the tax reform, among other things, has taken center stage in the government's agenda of issues.

The removal from the list of countries classified as tax havens, and the priority that the government has given other issues has meant that the discussion and approval of the Law on Fiscal Standards and Transparency, which contemplates the possibility of lifting the secrecy in banking in certain cases has been relegated.

Guatemala: Another Project to Eliminate Bank Secrecy

August 2012

An initiative presented by the Unidad Nacional de la Esperanza (UNE) has technical consensus from the Superintendency of Banks and Tax Administration, the Banguat and the Ministry of Finance.

Deputy Carlos Barreda, a member of UNE, said that if it is not approved, tax revenue losses could reach about $38 million.

Guatemala: Insistance on Regulating Banking Secrecy

November 2014

The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.

With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."

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Scotiabank de Panamá

Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
Phone: (507) 260-4286 - (507) 2602218

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