After the Nicaraguan Assembly approved a bill that forces local banks to allow public officials sanctioned by OFAC to have an account, there are fears that the country will be isolated from the international financial system.
A statement issued by the National Assembly on February 3 explains that the deputies approved the Law Initiative of Reform and Addition to the Law for the Protection of the Rights of Consumers and Users, a legislative project which guarantees a better and greater protection of the rights of consumers and users in the access to goods and services as a human right recognized by the Nicaraguan State.
The Assembly of Panama approved in third debate the draft law that creates the private and unique system of registration of final beneficiaries of legal entities.
Chapter II of the document, on Registration of Resident Agents, stipulates that any lawyer or law firm providing professional services as a resident agent for one or more legal persons, constituted or registered in the country, must register and keep in force their registration with the Superintendency of Non-Financial Subjects, the Legislative Assembly informed.
The Senate approved in second reading the project of extinction of ownership, which will serve for the State to seize property originating from or linked to the violation of criminal laws and property used or linked to criminal activities.
This act regulates the procedure for lawsuits for the extinction of property provided for in Article 51, paragraph 6 of the Constitution of the Dominican Republic, which states that the "Act shall establish the regime for the administration of property seized and abandoned in criminal proceedings and in lawsuits for the extinction of property, provided for in the legal system," the Senate reported.
The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.
The bill, which was sent by the Executive Branch to be analyzed in extraordinary sessions and which seeks to establish the exclusive competence to regulate and supervise non-financial regulated entities administratively with the aim of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, has already passed the procedure in the National Assembly.
A bill will be presented to the Congress of the Republic of Guatemala to require public accountants, auditors, lawyers and notaries to report their transactions.
The bill seeking to broaden the scope of regulated persons’ subject to money laundering control, which will be presented by the Superintendence of Banks (SIB), is aimed primarily at professionals as individuals, but will also include real estate companies, vehicle agencies and casinos.
The bill being discussed in Costa Rica basically seeks to extinguish the assets of organized crime, but there are those who claim that as proposed, it puts at risk the presumption of innocence of individuals.
The extinction of domain is a concept that in practice refers to seizing or confiscating assets linked to criminal activities, and then transferring them in favor of the State.
In Costa Rica, greater banking control and the increased presence of organized crime explain the 58% increase in suspicious transaction reports in 2018 over 2017.
In the last two years, Suspicious Transaction Reports (SARs) submitted by banks to the Costa Rican Drug Institute (ICD) increased by 58%, from 320 in 2017 to 507 in 2018.
Guillermo Araya, director of the ICD, explained to Nacion.com that "...
The law that criminalizes tax evasion was approved by the National Assembly when the amount defrauded in a fiscal period of one year is equal to or greater than $300.000.
With a majority vote, Project 591, which criminalizes tax evasion in the Criminal Code and is considered a crime resulting from money laundering, was approved in the third debate, informed the Legislative Assembly.
The Panamanian government assures that if the law that criminalizes tax evasion is not approved, the country will be exposed to enter the FATF grey list again in 2019.
From the Ministry of Economy and Finance press release:
The Ministry of Economy and Finance considers that it is necessary for Panama that the National Assembly approve the law that increases tax evasion to a criminal offence and as a precedent for money laundering.
The law project approved in the first debate in Panama establishes penalties of two to four years in prison for evasion of $300,000 or more and could be used as a precedent for money laundering.
The Commission of Government, Justice and Constitutional Affairs of the National Assembly, approved in the first debate the law project 591, which considers tax evasion as a crime.
During the discussion of a tax evasion law project, the Panamanian business sector requests that the amount defrauded to be considered a legal crime be increased from $300,000 to $500,000.
Regarding the request made by the Chamber of Commerce, Industry and Agriculture of Panama, the Ministry of Economy and Finance (MEF) explained that "... There are points that the guilds would like to modify, which would undermine the law project so far that its objective would be lost. Panama needs a solid proposal. To request that the amount of fraud be raised to 500,000 balboas does not demonstrate seriousness in combating money laundering."
The law approved in Nicaragua empowers authorities to investigate and even intervene in businesses suspected of being linked to money laundering or terrorist financing.
With the support of government legislators and in the context of a crisis that is deepening every day, the National Assembly yesterday approved a new law that will provide more investigative faculties to the Financial Analysis Unit (UAF by its initials in Spanish), which, among other things, may sanction those who alter the constitutional order.
The bill against money laundering which is making progress in the National Assembly, includes prohibiting corporations from issuing bearer shares.
The Justice and Legal Affairs Committee of the National Assembly approved the ruling of the new Law against Money Laundering, Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction.
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.
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.