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 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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Some of the changes proposed by the National Commission on Banking and Insurance involve a clearer definition of the stages of banking supervision.

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