After several months of negotiations, Grupo Cinépolis has announced that in an alliance with another Mexican company it has acquired the mall, previously owned by the Waked group.
The transaction comes one year after the US Treasury Department's Office of Overseas Assets Control (OFAC) authorized the inclusion of Soho Mall Panama assets into a trust fund in order to facilitate the sale process.
Completing a 'Know Your Customer' form will be part of the rules that must be adhered to by agents affiliated with the Costa Rican Real Estate Chamber.
Real estate agents are some of the professionals who, under the new anti-money laundering law, must report all suspicious transactions made by their clients.
"When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed."
In Panama, licenses of insurers who, as of August 1, have not registered in the system for reporting suspicious transactions under the law against money laundering, will be suspended.
The Superintendency of Insurance and Reinsurance announced that since February this year brokers and insurance companies, now obliged to report any suspect transactions made by their customers, should use the new platform of the Financial Analysis Unit (UAF).
Costa Rica 's estimated illicit financial flow averages 45% of its total foreign trade, and the incoming amount is 2.5%; For El Salvador these figures are 9% and 7.5%, for Guatemala 9% and 1.5%, for Honduras 31% and 28%, for Nicaragua 13% and 9%, and for Panama 16% and 307%.
A report by Global Financial Integrity (GFI) entitled "Illicit Financial Flows to and from Developing Countries: 2005-2014" concludes that the illicit flow of money to and from developing countries remains at high levels.The purpose of the report is to quantify those illicit financial flows that represent a serious disadvantage to economic development.
Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals to report suspicious transactions made by their clients.
Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a second debate by the Legislative Assembly.
The US Bureau of Foreign Assets has extended once again, this time until June 16, the license which allows Soho Mall Panama to keep looking for a potential buyer for the mall.
With the extension of the license, this time for 50 more days, once again a signal has been sent that a buyer has not yet been found for the mall, whose assets were put into a trust last December.
In May, approval could be given to the regulation of the law that obliges real estate agents, pawn shops and lawyers, among others, to report suspicious operations of more than $10,000.
The socialization process of the regulation of the Law for the regulation of designated non-financial professional activities (APNFD) has already ended, and Congress estimates that next month it could be approved.
The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.
Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a first debate by the Legislature on April 21.The new regulation establishes the obligations on professionals engaged in non-financial activities, such as lawyers, accountants, notaries and real estate agents, once the law is fully approved and enacted.
A law has come into force which requires banks to register as atypical all transactions of more than $4 thousand that are realized in cash.
The decree by the Central Bank which comes into effect from April establishes new requirements for banks when dealing with transactions made both in domestic and foreign currency, as well as cash or through other means.
The US Bureau of Foreign Assets has extended once again, this time until April 28, the license which allows Soho Mall Panama to keep looking for a potential buyer for the mall.
The new extension is a sign that the process of selling the mall has not yet been completed, a process for which a trust was created in December last year to which the assets of the company owned by Waked were transferred.To be sold, the buyer of mall must prove that it does not have any links with the Waked companies.
The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries.
Excerpted from the report "International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes" by the US State Department:
Costa Rica Transnational criminal organizations continue to favor Costa Rica as a base to commit financial crimes due to its location and limited enforcement capability. Costa Rica’s government has attempted to strengthen the legal framework for supervision and enforcement; however, challenges remain in mitigating money laundering risks. Costa Rica is a transit point that is also increasingly used as an operations base for narcotics trafficking; and significant laundering of proceeds from illicit activities continues. Costa Rica should continue to close financial crimes legislative gaps and allocate resources for investigation and prosecution.
The Superintendency of Banks has taken over administrative and operational control of FPB BANK, after it was linked to the corruption case in Brazil known as "Lava Jato" ('Operation Car Wash' in English).
From a statement issued by the Superintendent of Banks:
Through Resolution SBP-0022-2017 issued by the Superintendency of Banks of Panama, orders have been given for the seizure of administrative and operational control of FPB BANK, INC., effective from three thirty meridian time (3:30 pm) on Friday, tenth (10) February this year, based on the provisions of Article 131 of the Banking Law.
An extension has once again been granted, this time until April 7, for the bank and brokerage firm to have access to the US financial market and be able to complete the process of its reorganization and sale.
Wednesday February 1, OFAC extends licenses for Balboa and Balboa Bank & Trust Securities, until April 7, 2017.The licenses were due to expire on Friday 3 February.
In February a law comes into force authorizing the lifting of bank secrecy of companies and individuals with a court order at the request of tax authorities.
Banks are preparing for the entry into force of legislation in February, modifying their processes in order to respond more quickly to requests from the Superintendency of Tax Administration (SAT).