Big data analytics is an effective solution for identifying behavioral patterns and establishing strategies to help detect and prevent fraud in various business sectors.
Most companies are not aware of the information they have and how to leverage, analyze and understand it, which can result in the loss of a large amount of potentially useful data by normalizing fraud and other criminal activities in their processes and make them difficult to prevent and detect.
The Superintendency of Securities may provide access to bank information when investigations because of breaches are carried out in the stock market.
The decree took effect on December 17, 2016, and states that when the Superintendency of Securities (SMV) requires information on bank depositors and liabilities, this will be requested through the Superintendency of Banksof Panama. In addition, the two regulators signed a memorandum of understandingto facilitate exchange of information.
The new charges of tax evasion against Aceros de Guatemala demonstrates how the cumbersome procedures for receiving tax returns foster dishonesty among officials and businessmen.
The Justice Department and the International Commission against Impunity in Guatemala have accused the company Aceros de Guatemala of committing tax fraud and customs fraud offenses, worth more than the $33 million, and which could be linked to the of customs fraud network dismantled a few months ago known as "The Line".
As part of a fraud investigation, the temporary closure has been ordered for ten stores belonging to Panama's Grupo Wisa, which operates in the Guatemalan airport under the La Riviera brand.
The order given by the public prosecutor of Guatemala is part of an open investigation for fraud and involves the temporary closure of ten branches and a warehouse belonging to the company Tiendas Libres de Guatemala S.A., known as La Riviera.
Growing institutional weakness in several countries of the isthmus brings to the forefront the responsibility of the business sector to keep the economy of this region moving forward.
EDITORIAL
Currently, the governments of several Central American countries are showing signs of weaknesses which - to different degrees- point to a sharp decline in institutional quality.
President Perez Molina has announced he will be making a request to extend until 2017 the mandate of the International Commission Against Impunity in the country.
From a statement issued by the Government of Guatemala:
President Otto Perez Molina has announced the decision of his government to ask the United Nations for a new mandate of the International Commission Against Impunity in Guatemala (CICIG) so that it will continue in office until 2017.
The dismantling of the network of corruption at the highest level of the taxation system shows the validity and the necessity that Central America has for having bodies such as the International Commission against Impunity in Guatemala.
EDITORIAL
Guatemalan business leaders have been talking about the matter, after the release of the CICIG updates which shed light on a group of criminals who, from the highest level of customs administration, engineered smuggling and tax fraud in the country. See: "Customs Fraud Network in Guatemala".
Arrests have been made of Omar Franco Alvaro Chacón, head of the Superintendency of Tax Administration and Carlos Enrique Muñoz Roldán, former head the SAT, and 19 other senior officials, employees and individuals.
From a statement issued by the International Commission against Impunity in Guatemala (CICIG):
CUSTOMS FRAUD NETWORK DISMANTLED
Chief and former head of the SAT Captured
Mario Brol Samayoa has been convicted of money laundering, tax fraud, special case of tax fraud and customs fraud.
According to investigations by the Prosecutor, Brol Samayoa exported gasoline to countries such as Taiwan, Mexico, Honduras and El Salvador, without paying Value Added Tax (VAT). "Because of this fraud the government failed to receive $91 million," according to the Superintendency of Tax Administration (SAT) ".