Experts consider that real estate, physical and virtual casinos, and failed businesses have conditions for being used in money laundering activities.
An article in Prensalibre.cr, reports that Luis Amador, Chairman of the Compliance Committee of the Costa Rican Banking Association (ABC), said: "From the economic activities that we identified as most at risk, the real estate sector is where the most money is laundered. Additionally, we have also identified some patterns or some features that might indicate some level of risk with emerging capital creation without any justification, and in the use of failed companies. "
Financial institutions in Costa Rica will have a maximum of 48 months to implement the new measures which restrict lending.
The information was confirmed by the National System for Financial Supervision (Conassif), which approved "11 new regulations, with a phased implementation period of up to 48 months, when the original version stipulated 36. Most of the grace periods start from 1 January 2014 ", reported Nacion.com.
Eleven business chambers are insisting that the reforms to the Labor Code incite illegal strikes.
Nacion.com reports: "The amendments were approved unanimously by the Legal Affairs Committee of Congress, on August 1st, and have already been presented to the plenary."
"The chambers are opposed to the reforms regarding strikes, unions and syndicated workers, which are strengthened at the expense of standing committees (promoted by solidarism), something that encourages protests".
The Sugef in Costa Rica has demanded tighter controls on banks when lending in dollars.
As part of the measures proposed by the Superintendent of Financial Institutions (Sugef), financial institutions must conduct a capacity analysis on the borrower, as well as requiring collateral and credit history, a test now only done when the loan is for more than $130,000.
Growth in this economic sector, which differentiated Costa Rica from other Central American countries, has lost the rhythm it held in previous years.
Details from the monthly index of economic activity (MIEA), which is calculated monthly by the Central Bank of Costa Rica, reveals that financial intermediation and insurance, which grew at a rate of 9% in early 2012, is now doing so at 6%: As for the business services sector, it is currently growing at 6% a year, while in 2011 it increased at a rate of 13%.
Private banks in Costa Rica are opposed to the $30 million fund that protects small depositors being transferred to the Central Bank.
Nacion.com reports that "private banks are against transfer of the administration of the $30 million fund which protects small savers, in case of bankruptcy of a financial institution, to the Central Bank, as ordered by a Bill ruled on in the Economic Affairs Committee of Congress. "