Tougher Anti Laundering Laws in Guatemala

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

Thursday, June 9, 2016

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. Among the changes are a raise from $10 to $2 million in sanctions against those who fail to comply with the reporting of suspicious transactions.

Elperiodico.com.gt reports that  "... The project presented by the Superintendency of Banks includes more than 50 items, which updated several laws to strengthen the capacity of the State to control money laundering and terrorist financing."

Jose Alejandro Arevalo, chief of the SIB, explained that "...The proposal strengthens controls on activities such as remittance transfers, leasing, factoring and in the policy of knowing who the final beneficiaries are of operations undertaken by companies. In addition, the Special Verification Indendent has become a financial intelligence unit. Arevalo said that with these amendments they can comply with the recommendations of the international Financial Action Task Force. "

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