Guatemala: Anti Laundering Controls Include Public Money

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

Monday, November 25, 2013

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.

This includes co-operations who transact savings and credit operations, persons administering or implementing state funding, public accountants and auditors.

Other people and entities who also have to comply with the obligations under the Law Against Money Laundering and Other Assets are insurance intermediaries, persons or firms engaged in real estate development activities, purchase and sales of vehicles, and other trade-related activities .

The inclusion of these entities is due to the fact that they carry out activities which make them susceptible to having their services and products used in activities of laundering money or other assets.

These people, says the regulations are obliged to keep records of customers and daily operations. In addition, every three months they must submit a report on non-detection of suspicious transactions, and in cases where they do find them they must report them to the Superintendency of Banks.

More on this topic

Honduras: Supervision of Non-Financial Corporations

April 2017

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.

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.

Costa Rica: More Controls to Prevent Money Laundering

August 2016

A bill has been put forward which aims to include credit card operators who are not currently subject to regulation by the SUGEF.

If the bill promoted by the Executive thrives in the Legislature, companies that issue credit cards and who are not part of the already regulated "financial groups ...

Money Laundering Controls at Livestock Auctions

August 2013

The bill to prevent money laundering in Panama includes controls on livestock auctions and car sales.

The finishing touches are being made to the bill at the moment. The initiative will be presented in the next few months to the Panamanian Congress.

The proposal is for auto sales and livestock auctions to be regulated under this bill in order to prevent them from being used for other purposes.

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