Anti Laundering Law Reformed in El Salvador

The amendments made to the law against money laundering exclude the media from the list of subjects required to report transactions.

Friday, August 15, 2014

With this amendment passed in the Legislative Assembly of El Salvador's, the Law Against Money and Asset Laundering will be only oblige financial institutions to report to the Finance Unit of the Attorney General cash transactions of $10 thousand or more and other formats when they are over $25,000.

Laprensagrafica.com reports that "...Members felt that it was not necessary that (the media) were obligated, because they are not financial institutions. Lawmakers affirmed that removing them from the list did not mean that they law did not apply to them, because, according to their explanation, all companies and individuals are subject to investigation under this Act. According to Minister Ernesto Angulo, from the ARENA party, no proper study was carried out prior to including the media."



More on this topic

Costa Rica: Implications of the Money Laundering Law Reform

April 2017

The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.

Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a first debate by the Legislature on April 21. The new regulation establishes the obligations on professionals engaged in non-financial activities, such as lawyers, accountants, notaries and real estate agents, once the law is fully approved and enacted.

Tougher Anti Laundering Laws in Guatemala

June 2016

A bill against money laundering tightens control of activities such as leasing and factoring and imposes harsher penalties on those not reporting suspicious transactions.

The proposal was prepared by the Superintendency of Banks in Guatemala (SIB), and aims to establish tighter controls and more severe sanctions in order to improve mechanisms for preventing money laundering.

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.

El Salvador: Reform to Law Against Money Laundering Approved

December 2013

The adoption of the standard was a requirement imposed by the U.S. for the disbursement of the Fomilenio II program.

From a press release issued by the Legislative Assembly of El Salvador:

The National Assembly passed with 83 votes a list of amendments to the Law Against Money and Asset Laundering, ensuring that legislation of El Salvador is in accordance with International Standards on combating money and asset laundering, financing of terrorism, organized crime, drug trafficking and all its variants. The approval of these modifications also complies with the recommendations of the Financial Action Task Force (GAFT by its initials in Spanish).

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