Nicaragua to Create Financial Analysis Unit

The law which will give life to a new supervisory body for financial and banking activities will be submitted to the legislative plenary next week.

Wednesday, April 25, 2012

The ruling on the law establishing the Financial Analysis Unit (Unidad de Análisis Financiero (UAF) in Spanish) will be presented on Friday and will be sent to the plenary of the National Assembly next week, said Rep. Wálmaro Gutierrez, president of the Committee on Economy, Budget and Production.

"[The] primary function [of the UAF will be to] monitor finance and banking activities as well as other entities denominated as obligated to give information. These include, apart from banks and microfinance institutions, casinos, pawnshops and loan companies and parcel and shipment agencies," reported

Gutierrez said the UAF will function in a decentralized manner and the director and deputy director will be appointed by the President.

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