Honduras: Reform of Law Against Money Laundering

Some of the changes proposed by the National Commission on Banking and Insurance involve a clearer definition of the stages of banking supervision.

Thursday, June 23, 2016

The reform also aims to avoid having to force closure of a bank, as happened in October 2015 when the decision was taken to liquidate Banco Continental after the Rosenthal organization was identified by the US Treasury Department.

Latribuna.hn reports that "... The liquidation brought to light some flaws in the Honduran legal system that will be remedied with these reforms. In this respect, it was noted that the closure was made unexpectedly, as the current legislation does not define the scope of auditing bodies. " 

The superintendent of the National Banking and Insurance Commission (CNBS), Jorge Flores, announced that "... the changes will be ready later this month, while recalling that the responsibility for managing the banks falls on the owners. Meanwhile, the role of the CNBS is to supervise to ensure that the laws governing the financial system are complied with, the amendments also include a clearer definition of the stages of banking supervision, he said."

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.

Honduras: Reforms to Law on Financial Institutions

August 2016

The proposal includes changing the conditions needed to order the forced liquidation of an institution, facilitating the fight against financial activities related to criminal activities.

The purpose of the reform prepared by the Executive Branch is to tighten controls to prevent money laundering and terrorist financing, in order to identify any suspicious situations and avoid the forced liquidation of the entity, as was done in 2015 for Banco Continental.

Future of Trusts in Banco Continental

October 2015

The Commission for the Promotion of Public Private Partnerships in Honduras has four trusts with Banco Continental to implement various projects in infrastructure and energy.

Officials at the Commission for the Promotion of Public Private Partnerships (COALIANZA), reported that this institution has four trusts with Banco Continental, usded to implement various infrastructure and energy projects, but after the decision issued by the National Banking and Insurance Commission ( CNBS) to force liquidation of the financial institution, they are waiting for to CNBS determine the procedure to continue execution of the projects.

Honduras: Forced Liquidation of Banco Continental

October 2015

It has been announced that deposits up to $9,200 (L200,000) per person will be returned, and then payments to employees, depositors and others, noting that "... there are sufficient resources to address them all."

The cause is the inclusion of the institution in the list of the U.S Office of Foreign Assets Control, and the freezing of its assets abroad.

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