Flows of Illicit Money from Central America Still GrowingThursday, December 10, 2015 The Global Financial Integrity report notes that between 2004 and 2013 the flows of money from Costa Rica from laundering and other illicit sources increased by 10% compared to the period 2003-2012. EDITORIAL Costa Rica Long-Term Ratings Lowered To 'BB-'Friday, February 26, 2016 Noting the political system's inability to agree on fiscal issues, Standard & Poor's has downgraded, from BB to BB-, the rating for the country's long-term debt, giving it a negative outlook. Costa Rica Long-Term Ratings Lowered To 'BB-' On Continued Fiscal Deterioration; Outlook Is Negative Financial centers: Panama leads in Latin AmericaThursday, October 8, 2009 In the World Economic Forum ranking, the Canal country is the only Central American included. The Financial Development Report ranks 55 of the world’s leading financial systems and capital markets. It analyses the drivers of financial system development and economic growth in developed and developing countries to serve as a tool for countries to benchmark themselves and establish priorities for reform. Financial Access in Central AmericaTuesday, September 21, 2010 Bank Accounts per 1,000 adults: Costa Rica 1354, Guatemala 1140, Honduras 758, Panamá 412. In branches per 100,000 adults, Guatemala is first with 35, followed by Costa Rica with 23, Panamá 18, El Salvador 9, and Honduras 2. No available data for Nicaragua. Appeal for Financial Pacific SuspensionThursday, November 15, 2012 Executives from the brokerage firm Financial Pacific will ask the SMV to reconsider the suspension of its license to operate in Panama. The Superintendency of Securities of Panama (SMV) suspended the operating license of the brokerage house because of a shortfall of $11.5 million in "customer’s cash ". Panama Exchange Ends Contract with Financial PacificFriday, June 27, 2014 More than a year after investigations were started into alleged irregularities and after having been suspended from operating in the country, the stock exchange has annulled its contract with the firm. From a statement issued by the Panama Stock Exchange: Costa Rica: Registry to protect financial assetsFriday, January 23, 2009 The system will allow for the protection of financial assets from fraud, and will detect fraud instantly and prevent it from happening. Nacion.com reports: "This is the Registry of Financial Assets (RAF, www.ifar.bz), which will allow users to register bank accounts, term deposit certificates and any other assets which can be subject to fraud. How Much Money Was Lost in Financial PacificTuesday, January 12, 2016 In Panama reports state that $15 million in assets have been recovered in the process of forced liquidation of the brokerage firm Financial Pacific, an amount which covers only 70% of the total invested by customers. Problems in the Panamanian stock market continue, and now it is the Liquidating Board of brokerage firm Pacific Financial which is giving the bad news to customers of the company. Panama: Suspension Lifted on Financial PacificFriday, May 17, 2013 Following approval of the sale of the shares to Brazilian group Mendo Sampaio and the withdrawal of the complaint against the Superientendente of Securities, Financial Pacific has been authorized to resume operations. A statement from the Superintendency of Securities (VPS) reads: Brokerage House Linked to Banco Universal SuspendedThursday, August 6, 2015 The market regulator of Panama has indefinitely suspended the license of the brokerage firm Clever Financial Investment Services, linked to Banco Universal. A resolution by the Superintendency of Securities said that after performing an inspection at the brokerage firm, " it was found that the brokerage firm maintains only three bank accounts, all of them with Banco Universal ", namely own / administrative account, third parties / customers account and a deposit account. " El Sol Loan Center to Operate in GuatemalaThursday, March 12, 2009 The financial firm, property of the Puerto Rican Caribbean Financial Group (CFG), will begin operations in April. It will focus on financing for businesses that sell on credit and on personal loans. Fidelity National Financial Begins Operations in Costa RicaThursday, October 1, 2009 The company provides title insurance and escrow services. It will operate in Costa Rica with the name "Fidelity International Title Costa Rica", and serve the Central American market from there. Financial Pacific Sells SharesMonday, November 19, 2012 The Panamanian Financial company, which has had its activities suspended, is trying to get partners to inject capital, in order to address the identified shortfall of $11.5 million. Panama's Supreme Court, in a decision challenged by financial market analysts, put the breaks on a reorganization of Financial Pacific, which had already been put into progress after being ordered by the Superintendency of Securities (VPS), leading the directors of the lender to seek the essential composition of capital, after what was reported as a criminal act by one of its officials. Panama: Authorities order Liquidation of Financial PacificTuesday, August 12, 2014 After two years of allegations, suspensions and interventions, the Securities Market Regulator has ordered the liquidation of the brokerage firm. From a statement issued by the Securities Regulator (VPS): Panama Authorizes Sale of Financial PacificThursday, May 16, 2013 At the same time as the Superintendency of the Stock Market approved the sale, the financial company formally withdrew its complaint against the Superintendent Alejandro Alfaro Abood. Added to the problems faced by Financial Pacific (FP) is the embezzlement of $12 million. Prensa.com reports that "the brokerage firm revised its board of directors on February 21, with West Valdés and Iván Clare ceding control of the entity to Joshua Absalom Chavez, Joao Bosco Santana, Rogero Marcio Pereira and Octavio Souto Vidigal , related to the Brazilian group Mendo Sampaio ". |
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