A proposal has been made in Panama to make public all sanctions to be imposed on entities that violate the law on prevention of money laundering.
The proposal put forward by the National Committee Against Money Laundering, and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (CNBC), created in 2015 within the framework of the new law on prevention of money laundering, aims to "...
The regulations in force for Central America allow two methods of certifying the weight of cargo moving through ports in the region.
The new regulations in force since July 1 oblige entities transportingcontainerized cargo by sea tocertify its weight under the International Convention for the Safety of Life at Sea (Solas). The problem cited by exporters is the increase this will have on costs, in addition to infrastructure problems faced in some ports in the region.
The new regulation under public consultation states that all issues of securities registered with the Superintendency of Securities Market must have a risk rating.
The aim of the new regulations proposed by the Superintendency of Securities (SMV) is to provide more information on the emissions market for investors, so that they can"... make investments according to their risk profile, "said Marelissa Quintero, chief of the SMV to Prensa.com.
It has been announced that in the coming weeks publication will be made of a new national building code, which is divided into different documents according to the type of material used.
Maycol Rugama, from the Department of Studies and Technology Construction Standards at the Ministry of Transport and Infrastructure (MTI), told Laprensa.com.ni that with this update documents will be separated into different standards for reinforced concrete, masonry, structural steel and electricwire systems."
Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.
In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L. ,"... the reform presented to the Legislature, seeks to impose on savings and loans cooperatives a framework of regulation and supervision which is exclusively for private financial companies and for-profit institutions such as banks. "
The only countries in America where mobile phone prices are still regulated are El Salvador and Costa Rica. It is no coincidence that these countries are among the last in the rankings for speed of mobile internet services.
Regulations are being prepared for the entry into force of the microfinance law on November 10.
Liquidity, solvency and corporate governance are some of the aspects that govern the 30 regulations prepared by the Superintendency of Banks of Guatemala, for the entry into force of thelawin November.
The mania for regulatory bureaucracy which feeds its own existence is taking away flexibility in the use of resources in the economy, slowing development.
It will be impossible for Central Americans to make progress if every new business activity has to be authorized by a public official.In the region the practice is not that you can do anything that is not forbidden, but rather the general culture indicates that you can only do what the State authorizes you to do.
Six months after the regulations come into force in Costa Rica less than 150 requests have been logged to set up distributed generation systems.
Some attribute the lack of interest to the cost of installing the panels and the return on investment being in the medium term. Jorge Blanco, spokesman for the Costa Rican Association of Solar Energy (Acesolar) believes that "... 'most distributors are not interested in this service growing. This is logical because distributed generation does not promote their business, it affects it'." Even private sector representatives say that the legislation tends to protect electricity distributors more than encourage the use of panels.
Increased operating costs because of risk controls imposed by the US have led to correspondent banks avoiding working with small banks.
Maintaining small structures at the same time as paying high costs in order to meet the standards required internationally, primarily in the United States, is no longer viable for banks who want to remain profitable.
From August 8 premium handmade tobacco leaf cigars will be subject to the same regulation as cigarettes manufactured with additives.
A group of tobacco companies in Nicaragua will be holding meetings in the US with local companies who have invested in tobacco plantations and cigar factories in order to assess the impact of the entry into force of the new regulation.
Transfer pricing and double taxation are two of the topics covered in three bills to reform regulations which the Ministry of Finance has put to public consultation.
One of the proposals is the bill on "Informational declaration of transfer pricing".Crhoy.com explains that"...This empowers the tax authorities to check that transactions between related parties are valued at prices similar to those that would be agreed between independent parties in comparable transactions. "
Ferris & Associates is a boutique law firm specialized in Business Law, Litigation and Conflict Resolution and Foreign Investmente, as well as, providing personalized services.
Operates in Costa Rica and Costa Rica
Phone: (506) 2588 2505 - (506) 2288 2245
Barrantes & Associates is a full service Costa Rica Law firm located in San Jose Costa Rica. We have been in business since 1999.
All our Attorneys are English speaking.
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Phone: (506 ) 2256 3807 - (506 ) 8339 1622
SGL Panama specialize in logistics, distribution, warehousing, transportation, shipping and logistics for equipment, heavy machinery, recreational vehicles and construction materials.
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Phone: (507) 836 5653 - (305) 392 5766