Nicaragua: Law Against Money Laundering

The bill against money laundering which is making progress in the National Assembly, includes prohibiting corporations from issuing bearer shares.

Thursday, April 19, 2018

The Justice and Legal Affairs Committee of the National Assembly approved the ruling of the new Law against Money Laundering, Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction. 

In this regard, the president of the Association of Private Banks of Nicaragua (Asobanp), Juan Carlos Argüello, told Elnuevodiario.com.ni that the authorities of the Central Bank " ... asked for our recommendations and explained that we were not in a position to to comment on such a significant law and of such importance, since we have not had enough time to be able to evaluate it with the seriousness of the case and, above all, to reach a consensus with the authorities.

"... Superintendent Víctor Urcuyo explained that one of the notable changes in this project is that many corporations in Nicaragua established bearer shares and this law aims to prohibit them, because with the bearer shares it is not known who the shareholder is, but rather it is [recorded] in a disguised form."

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Legislative Endorsement for Anti-Money Laundering Law

December 2019

The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.

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Costa Rica: More Controls to Prevent Money Laundering

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If the bill promoted by the Executive thrives in the Legislature, companies that issue credit cards and who are not part of the already regulated "financial groups ...

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.

Panama: Laws to Exit "Gray List" Approved

April 2015

The Legislature has given final approval to legislation to prevent money laundering and new rules for bearer shares.

Both laws are part of the package of reforms that Panama needs in order to comply with some of the recommendations established by the Financial Action Task Force (FATF) so that it can be removed from the gray list.

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