Honduras: Reforms to Law on Financial Institutions

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.

Wednesday, August 3, 2016

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.

"... The decree of 2004 contained nine grounds, the most important concerning the capital adequacy ratio of the institution, which must be less than 60% of the minimum level required by the CNBS in accordance with the provisions in Article 37 of the Law on the Financial System".

Elheraldo.hn reports that "... According to experts consulted, the amendments to the Law on the Financial System in Honduras will allow the CNBS to monitor if top executives of supervised institutions are involved in illegal activities or are involved with groups related to organized crime. They added that in many countries for several years the participation of bank executives and shareholders in laundering has been penalized, however, in Honduras it goes beyond and this crime will be considered as grounds for ordering the forced liquidation of an institution. "



More on this topic

Costa Rica: The New Law Against Money Laundering

May 2017

Once enacted, the newly approved law will force accountants, lawyers, realtors, and other professionals 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 second debate by the Legislative Assembly.  

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.

Honduras: Reform of Law Against Money Laundering

June 2016

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

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.

Tougher Anti Laundering Laws in Guatemala

June 2016

A bill against money laundering tightens control of activities such as leasing and factoring and imposes harsher penalties on those not reporting suspicious transactions.

The proposal was prepared by the Superintendency of Banks in Guatemala (SIB), and aims to establish tighter controls and more severe sanctions in order to improve mechanisms for preventing money laundering.

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