Stricter financial supervision for Costa Rica
Approved modifications to the Central Bank Law will allow the Suget to review, request information, and if necessary, intervene in any of the companies than make up the financial groups.
Monday, November 17, 2008
Up to now, the General Superindendence of Financial Entities (Sugef) could only supervise local banks and the groups as a whole, but it was not allowed to review their subsidiary companies individually, including the offshore banks.
Sugef has increased controls on transfers exceeding $10,000, as a measure of preventing money laundering and terrorist financing.
In Costa Rica, exactly at a time when financial operators are asking for greater flexibility, the mandate of the “hard hand of SUGEF” comes to an end.
The government of Costa Rica is promoting a legal reform that would transfer the cost of financial supervision to banking institutions, insurance companies and pension operators.
The new supervisory body merges the former Superintendency of Securities, Pensions and Finances.
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