Guatemala prepares for Banking law reform

The Superintendence of Banks (SIB) will present the reforms to the Law of Banks and Financial Groups to Congress in March.

Wednesday, February 4, 2009 reports: "According to the head of SIB, Edgar Barquin, the new amendments, which are still being fine tuned, will provide more power to the entity supervising the financial system, to the Monetary Board, and other boards, to deal with resolutions for banks that have been taken over."

More on this topic

Guatemala: Regulation on Rating Agency Operations

April 2013

Rating agencies registration is now mandatory and banking institutions must be rated by one of them.

Rating agencies will have to submit their paperwork to the Superintendency of Banks (SIB). According to the chairman of the Monetary Board (JM) and the Bank of Guatemala (Banguat), Edgar Barquin, "among the amendments to the Law on Banks and Financial Groups is the addition that now banks must have a risk rating" .

Bank Secrecy Could End in Guatemala

November 2009

The country's tax authority would be able to access taxpayer's banking accounts.

This modifications are being included in a law project proposed by the Banking Superintendence (SIB) and the Tax Authority (SAT).

"The proposed bill seeks to fight tax evasion and money laundering as well as getting Guatemala out of OECD's tax-haven 'gray-list'", explains

Guatemala: Banking Law to be Reformed in November

October 2009

The commission studying the law project in Congress could approve it in November.

The initiative, presented by the Banking Superintendence, intends to reform thirteen articles while adding six to the Banks and Financial Groups Law, and modify one item from the Organic Law of the Central Bank of Gutemala (Banguat).

Reforms Presented for Banking Law

July 2009

Guatemala's banking Superintendence presented reforms to the Banking and Financial Groups Law.

Proposed changes to current legislation include the exemption on paying value added tax and notarial seals on sales or purchases of loan portfolios between banks and a $12.500 balance requirement for opening an Off Shore account.

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