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 country could face economic sanctions if congress fails to approve new laws in its next two sessions.
The urgency to pass the tax reform, among other things, has taken center stage in the government's agenda of issues.
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.
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.
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