Financial Controls for Auditors and Attorneys

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.

Wednesday, June 12, 2019

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.

Superintendent Erick Armando Vargas Sierra explained to Prensalibre.com that "... these measures are part of the recommendations of the Financial Action Task Force of Latin America (Gafilat) of which Guatemala is a part. The bill would be ready in the following weeks to be presented to Congress and to become effective next year.

Vargas added that "... We seek to create more controls (such as professional activity) and that they report when reviewing the accounts of individuals or companies could provide an alert, like law firms."

On the other hand, the public accountant and auditor Óscar Chile Monroy, explained that although he is not aware of the initiative, if it is addressed "... to public accounting firms, they only check the balance sheets, but they do not determine the origin of the money, which is a competence of the Intendencia de Verificación Especial (IVE), attached to the SIB. The public accountants only audit the financial balances, but we do not have the power to determine the origin of the money."

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More on this topic

Legislative Endorsement for Anti-Money Laundering Law

December 2019

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.

Costa Rica: Implications of the Money Laundering Law Reform

April 2017

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.

Tougher Anti Laundering Laws in Guatemala

June 2016

A bill against money laundering tightens control of activities such as leasing and factoring and imposes harsher penalties on those not reporting suspicious transactions.

The proposal was prepared by the Superintendency of Banks in Guatemala (SIB), and aims to establish tighter controls and more severe sanctions in order to improve mechanisms for preventing money laundering.

Guatemala: Anti Laundering Controls Include Public Money

November 2013

The regulations of the Law Against Money Laundering affect, among other people, those who receive, manage or run state funds.

The provision, which comes into force on November 26, states that entities such as cooperatives, accountants and auditors must also comply with the obligations under the law.

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