Guatemala: Urgent Need to Eliminate Banking Secrecy

The country could face economic sanctions if congress fails to approve new laws in its next two sessions.

Wednesday, April 13, 2011

Guatemalan banking regulator, Édgard Barquín, has reiterated several times to congress the urgency of approving the Banking Secrecy Law that will enable the country to come off the list of those that do not cooperate with fiscal transparency.

An article on La Hora's website adds that, "banking secrecy is the protection granted by banks and financial institutions regarding their account-holders' information".

More on this topic

Guatemala: Removal of Bank Secrecy Urged

November 2013

The president of the central bank said that this would prevent Guatemala from being regarded internationally as a tax haven.

This was explained by Edgar Barquín, president of the Bank of Guatemala (Banguat). He added that approval next year in the U.S. of the Foreign Account Tax Compliance Act (Facta) will be incompatible with Guatemala where there is no law to release bank secrecy.

Guatemala Amends Bank Secrecy Laws

June 2012

The aim is to provide the Tax Authority with access to taxpayers bank accounts in order to comply with parameters of the OECD.

Guatemalan ministers have agreed to changes to bill 4326 to amend the Tax Code and the Law on Banks and Financial Groups.

This initiative aims to facilitate access to information relating to taxpayers bank accounts by the Tax Authority (SAT).

Costa Rica: Discussion on Bank Secrecy Relegated

July 2011

The urgency to pass the tax reform, among other things, has taken center stage in the government's agenda of issues.

The removal from the list of countries classified as tax havens, and the priority that the government has given other issues has meant that the discussion and approval of the Law on Fiscal Standards and Transparency, which contemplates the possibility of lifting the secrecy in banking in certain cases has been relegated.

Guatemala Drafts Banking Secrecy Law

August 2010

In two weeks, the Guatemalan Banking Regulator (SIB) is to send congress a proposal seeking to regulate banking secrecy.

Together with the secrecy law, another initiative forbidding bearer shares will also be submitted.

The head of SIB, Édgar Barquín, indicated that, "the initiatives seek to modify article 63 of the Banking and Financial Groups Law, which refers to operational confidentiality, as well as to amend the Tax Code in order to prohibit bearer shares," reports

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