More Time to Comply with Laws Against Laundering

The Salvadoran private sector has asked that the deadline be extended to meet the requirements under the new legislation against money laundering, including having a compliance officer in each company.

Tuesday, November 17, 2015

Companies who in January 2016 do not have a compliance officer and a deputy on their payroll, will be in breach of the law against money laundering and may be unable to take out loans and conduct other banking operations. In addition to the short time available, employers say that not all of them have sufficient resources to hire two people.

In addition, "... although the mandates of the law are well regarded by the private sector, there is concern that most companies are unaware of the provisions of the law ...which will also have to be complied with by professionals such as lawyers, consultants, law firms, auditors, accountants, doctors, and everyone who is legally constituted. "

Elsalvador.com reports that "... In this regard, Armando Arias, president of the Salvadoran Banking Association (Abansa) confirmed that the prosecution has asked (through various letters) that the enforcement of these provisions be done gradually. 'If the prosecution does not endorse an extension, from January 2, 2016, companies that do not comply can neither borrow nor undertake any banking operation; this is what the law states.'"



More on this topic

El Salvador: More Time to Comply With Anti Money Laundering Law

December 2015

The deadline has been extended for compliance with the requirements of the new legislation against money laundering, which includes having a compliance officer in each company.

The Financial Investigation Unit of the Office of El Salvador has approved extending the deadline for companies in different economic sectors to comply with the legislation aimed at preventing money laundering.

Law Against Money Laundering in Honduras

December 2014

Although two articles are still pending, the Special Law Against Money Laundering Crimes approved by congress establishes harsher penalties for money laundering.

From a statement issued by the National Congress of Honduras:

The National Congress in session on Thursday, after a third and final debate of Article 74 to 92 of the draft Special Law Against Money Laundering Crimes, now has only two articles pending for Honduras have a new law for the fight against public corruption and establishes harsher penalties for those found guilty of forms of money laundering and is linked with other legislation aimed at implementing anticorruption sanction methods.

El Salvador: Reform to Law Against Money Laundering Approved

July 2014

Reports of suspicious transaction and the inclusion of government officials in the "politically exposed persons" category are part of the reforms to the law.

From a statement by the Legislative Assembly of El Salvador:

A statement of amendments to the Law Against Money and Asset Laundering, was adopted at the plenary session on Thursday, with 72 votes in order to harmonize the law of El Salvador with international standards on combating money laundering, terrorist financing, organized crime, drug trafficking and all its variants.

Guatemala: Anti Laundering Controls Include Public Money

November 2013

The regulations of the Law Against Money Laundering affect, among other people, those who receive, manage or run state funds.

The provision, which comes into force on November 26, states that entities such as cooperatives, accountants and auditors must also comply with the obligations under the law.

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