Guatemala and Money Laundering

Limitations on control of casinos and gambling, and the inability to legally access banking information, limit the chances of success in the fight against money laundering.

Wednesday, July 8, 2015

Passing laws that favor combating money laundering have stalled in Congress, impeding the implementation of effective measures against the problem. This situation affects the results of the evaluation currently being carried out by representatives from the Financial Action Task Force group (FATF).

Jose Alejandro Arevalo, head of the Superintendency of Banks (SIB) told that these are issues "... are topics included in the evaluation which the FATF has been carrying out since May in the country and which ends in November."

Erick Coyoy, former economy minister, said "... the assessment reveals the fulfillment of the Special Audit Office (IVE) to investigate and file complaints in cases of suspicious transactions reported by banks."

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More on this topic

Nicaragua's Weaknesses in the Fight Against Money Laundering

November 2017

Among the activities susceptible to laundering are sales of gold and vehicles, the purchase and sale of real estate and electronic money transfers.

From a report entitled "Mutual Evaluation of Nicaragua October 2017", by the Financial Action Group of Latin America (Gafilat):

Panama Gets Off FATF Gray List

February 2016

Confirmation has been given that the country is to be removed from the list compiled by the Financial Action Task Fprce a year and a half after adjusting laws and regulations for the financial sector.

The Minister of Economy and Finance in Panama, Dulcidio De La Guardia, confirmed that the removal of Panama from the gray list was approved during the plenary session of the Financial Action Task Force (FATF) held on Thursday February 18 in Paris, France.

Costa Rica: Sectors Most Susceptible to Money Laundering Identified

January 2016

There were "few initiatives identified to combat the laundering of proceeds of crimes such as fraud, forgery, tax evasion and product piracy".

The real estate market, construction, legal services and casinos once again appear as the most susceptible to money laundering.

Panama As Seen by the IMF in March 2015

March 2015

The organization is urging the Panamanian government to accelerate the measures needed to get off the gray list in order to avoid counterproductive medium-term effects on the economy.

From a press release by the International Monetary Fund (IMF):

An International Monetary Fund (IMF) mission, headed by Luca Antonio Ricci, visited Panama City during March 3-13 to conduct the country’s annual Article IV consultation, part of the IMF’s regular surveillance of all member countries. At the end of the discussions, Mr. Ricci issued the following statement: