Guatemala: Parliament establishes "financial panic" as a crime

It sanctions those who provide false information about the financial situation of the banks in country.

Friday, October 24, 2008

The Department of Communications of Parliament reported via a press release that lawmakers modified the current Penal Code to include this new infraction, which will be punishable with 1 to 5 years and fines of 130 to 6700 dollars.

More on this topic

Guatemala: Exceptions to Competition Law

April 2016

There is a proposal to exclude the electricity, telecommunications, banking and agribusiness sectors from the law proposal on competition, since they are already subject to regulation.

The proposal put forward by CABI to exclude these sectors is based on the fact that companies operating in these areas are already subject to regulation and supervision.

Increase in Direct Purchases Limit in Guatemala

March 2009

The New State Purchases Law would increase the limit in direct purchases from $3,700 to $9,300

Additionally, the Comptroller General of Accounts is proposing that the direct purchase process should be done with a bidding stage. Carlos Menco, head of the Comptroller's Office, told the Periódico of Guatemala that "the proposal is for a bid to be published on the website for such acquisitions, but the competition should not go through the same terms as a tender."

Guatemala introduces a financial panic bill

June 2008

Guatemala's legislature has introduced a bill that would criminalize persons who start rumors about financial problems in the national banking system.

Monetary authorities have been invited to clear up questions that some deputies from the Legislation Commission have expressed about how the crime of financial panic will be defined.

Professional Nicaraguans against the Law of Professional Association

April 2008

Different fields of professionals have entered a Resource of Unconstitutionality against Law 588, the "General law of Professional Associations and Professional Practice." The law was approved by the National Assemblyand passed on Jan. 14.

The plaintiffs are asking the judges of the Supreme Court of Justice to declare the law unconstitutional.

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