The number of companies or individuals raising money from investors without authorization from the Superintendency of Banks now totals 73.
Since 2000 to date 73 companies have been reported as raising money from investors without a proper license to operate in the country.
"Although fines for exercising banking functions without the appropriate license can reach up to $1 million and the Financial Offences Act establishes penalties ranging from three to five years for anyone who collects money in a massive and regular manner from the public financial without proper authorization from the competent authorities, the SBP list continues to grow", reports Capital.com.pa
The loans are intended to support pension system and financial sector reform, and to help the country cope with natural disasters.
The Inter-American Development Bank (IDB) has approved three loans to Honduras for a total of $180 million to support reforms to the pension system and financial sector, and to help the country cope with natural disasters.
The World Bank approved the loan to support the Government's fiscal program.
The World Bank Board approved a loan for U.S. $ 74.7 million to support the government program designed to address the difficult fiscal situation in the short term and to achieve balanced fiscal accounts, which will bear fruit in the medium and long term, thus, promoting development in the country.
The loan will be used to finance the "programs to strengthen the financial safety net and improving access to financing."
The IDB representative in Honduras, Miguel Manzi, at the signing ceremony said the purpose of the Inter-American Development Bank is to support the government in a program for financial reforms and institutional changes in the sector.
The monetary authority may give special credit, repurchase titles and expand the number of entities that can participate in the Interbank Money Market (MID).
The measure is in effect since yesterday and includes three components, explained Central Bank manager, Roy Gonzalez.
The first component of the agreement is a Regulation on special operations to deal with extraordinary need for liquidity.