Laws Reforms Urged for Approval Fomilenio II

If approval is not given to the amendments to the Law on Public-Private Partnerships and the Money and Asset Laundering Act, the second disbursement will not be realised.

Thursday, November 21, 2013

This was explained by Salvadoran President Mauricio Funes. "Donors are free to stipulate any conditions deemed appropriate. Everything that is the responsibility of the Executive has already been done," he said.

"If these reforms are not adopted on time, there will be no payment," he added. reports: "The president said he has met with members of the Finance Committee to address this issue and said that if necessary he will meet with the heads of fractions in order to get the reforms approved.

More on this topic

El Salvador: Call to Reform Law on Money Laundering

July 2014

A request has been made for the law against money and asset laundering to meet international standards, a condition required to obtain funds from FOMILENIO II.

The Salvadoran Foundation for Economic and Social Development (FUSADES) requested that the Legislature take into account the reforms recommended by the Caribbean Financial Action Task Force (Gafic) to the Anti-Money and Asset Laundering law, as it is a condition required by the U.S. government in order to release funds from FOMILENIO II.

El Salvador: Anti-Money Laundering Law Fell Short  

January 2014

President Funes signed the Law Against Money and Asset Laundering without noticing the lack of special controls for Politically Exposed Persons.

The special controls for Politically Exposed Persons (PEP), was one of the reforms that was left out because the deputies did not approve it and the President, Mauricio Funes did not suggest it despite this being a recommendation by the Caribbean Financial Action Task Force Group (CFATF by its initials in Spanish).

U.S. Postpones Signing Fomilenio II

December 2013

The disbursement of $277 million for development of the coastal zone will be delayed at least until after the next elections in El Salvador.

The decision to postpone Fomilenio II until 2014 was publicised by the Millennium Challenge Corporation (MCC).

According to the Salvadoran president, Mauricio Funes and the technical secretary of the presidency, Alexander Segovia, the project could be signed after presidential elections next year. However, they insisted that the outstanding issue for approval are the amendments to the Law on Public Private Partnerships (PPP) and the Anti-Money Laundering Act.

No Approval of Fomilenio II Without Improvement of Investment Climate

November 2013

The U.S. Ambassador to El Salvador stressed the need to adopt reforms to laws against money laundering and Public Private Partnerships.

According to the U.S. Ambassador Mari Carmen Aponte, laws against money laundering and Public Private Partnerships need to be passed in order to issue "clear signs" along with efforts to combat corruption in the country.

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