Insurers and the Law Against Money Laundering

In Panama, licenses of insurers who, as of August 1, have not registered in the system for reporting suspicious transactions under the law against money laundering, will be suspended.

Friday, May 26, 2017

The Superintendency of Insurance and Reinsurance announced that since February this year brokers and insurance companies, now obliged to report any suspect transactions made by their customers, should use the new platform of the Financial Analysis Unit (UAF).

The Superintendency points out that "... so that the obligated subjects can comply with the law, training and mass registrations have been carried out since January 2016. However, despite efforts and the time that has passed, 40% of insurance brokers on the AUF online platform have yet to be registered."

Prensa.com reports that "...In Panama there are 373 insurance brokerage firms and 2,591 brokers, who act as intermediaries between insurers and insurance buyers."

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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.

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Guatemala and Money Laundering

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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.

Passing laws that favor combating money laundering have stalled in Congress, impeding the implementation of effective measures against the problem.

Panama: Improved Anti-Money Laundering Law

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The modifications include new subjects and sectors who will be required to implement the regulations for prevention of money laundering.

In order to conform to international standards, Panamanian authorities are considering possible amendments to the Law 42, passed in 2000 on the prevention of money laundering and combating the financing of terrorism.

Guatemala Unveils Committee Against Money Laundering

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The Presidential Commission against Money Laundering and Terrorism Financing will be composed of the Vice President, the Chancellor, the Minister of Interior, the Presidency’s Strategic Intelligence Unit, the Superintendence of Tax Administration (SAT) and the Superintendence of Banks (SIB).

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