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. 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. "

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.

Obligation to Report Suspicious Transactions

June 2016

A year after laws were approved to prevent money laundering in Panama there are still companies that have not been registered and will not be able to report suspicious transactions.

The laws passed in April 2015 extended supervision to companies which up until now have been unregulated such as those selling vehicles, and construction companies in free zones, which are required to report suspicious transactions under the new legal framework.  

Guatemala and Money Laundering

July 2015

Limitations on control of casinos and gambling, and the inability to legally access banking information, limit the chances of success in the fight against money laundering.

Passing laws that favor combating money laundering have stalled in Congress, impeding the implementation of effective measures against the problem.

Guatemala: Anti Laundering Controls Include Public Money

November 2013

The regulations of the Law Against Money Laundering affect, among other people, those who receive, manage or run state funds.

The provision, which comes into force on November 26, states that entities such as cooperatives, accountants and auditors must also comply with the obligations under the law.

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