Nicaragua Gets Off "Gray List"

The Financial Action Task Group has removed Nicaragua from the list of countries that pose risks relating to money laundering and terrorist financing.  

Thursday, March 12, 2015

From a press release by The Financial Action Task Force (FATF):

Jurisdictions no Longer Subject to the FATF’s On-Going Global AML/CFT Compliance Process:

Nicaragua

The FATF welcomes Nicaragua’s significant progress in improving its AML/CFT regime and notes that Nicaragua has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in June 2011. Nicaragua is therefore no longer subject to the FATF’s monitoring process under its on-going global AML/CFT compliance process. Nicaragua will work with GAFILAT as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.



More on this topic

Nicaragua's Weaknesses in the Fight Against Money Laundering

November 2017

Among the activities susceptible to laundering are sales of gold and vehicles, the purchase and sale of real estate and electronic money transfers.

From a report entitled "Mutual Evaluation of Nicaragua October 2017", by the Financial Action Group of Latin America (Gafilat):

Guatemala: What is Lacking in Money Laundering Prevention

November 2016

Gafilat has identified the outstanding tasks needed to bring up to date matters relating to financing terrorism, control of casinos and the inclusion of lawyers in the Mandated Persons category.

The ruling was made by the Financial Action Task Force for Latin America (Gafilat), who released the Mutual Evaluation Report, up to the date of the in situ visit made between November 23 and December 4, 2015.

Latin American Gafi Supports Panama

April 2016

Amid the controversy generated by the Panama Papers, the Financial Action Task Force in Latin America has recognized the efforts made by the country in issues of transparency.

From a statement issued by the Latin American Financial Action Task Force (GAFILAT):

"... Relationship of the current situation with the Evaluation of Panama:

Panama: Supervision of Nonfinancial Corporations

July 2015

Construction companies, car sales companies and free zone companies are part of the list of entities whose activity will be controlled by the new Administration of Supervision and Regulation of Non-Financial Subjects.

The creation of the Administration for Supervision and Regulation of Non Financial Subjects is one of the requirements which the country must comply with as part of the process to get off the gray list of the Financial Action Task Force (FATF). The new regulator, led by Francisco Bustamante, also oversee the activities of "... pawn shops, casinos, exchange offices, corporations, savings and home loan societies, the National Lottery, companies engaged in marketing metals and precious stones, and security transport companies, among others. "

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