A bill will be presented to the Congress of the Republic of Guatemala to require public accountants, auditors, lawyers and notaries to report their transactions.
The bill seeking to broaden the scope of regulated persons’ subject to money laundering control, which will be presented by the Superintendence of Banks (SIB), is aimed primarily at professionals as individuals, but will also include real estate companies, vehicle agencies and casinos.
Arguing that the objective is to ensure that used cars into Costa Rica are in optimal condition, the new Customs authorities are tightening controls on imported units.
Importers of used vehicles in Costa Rica report that since the new General Director of Customs took office in January this year, is promoting a new guideline that generates uncertainty in the sector.
A court ruling has overturned the SAT resolutions authorizing Empresa Portuaria Quetzal y Terminal de Contenedores Quetzal to operate as temporary customs warehouses.
Although the Superintendency of Tax Administration (SAT) has announced that it will be appealing the ruling given by the Second Administrative Appeals Chamber, the reality is that since June 28, the activities of the customs warehouses in Empresa Portuaria Quetzal (EPQ) have been suspended as well as those at the Terminal de Contenedores Quetzal (TCQ)."...The resolution orders that the SAT no longer has the customs service under its administration, which contravenes the Central American Customs Code CAUCA, therefore the Superintendency will file an appeal against the decision made by the Court."
Banks must report to the Institute on Drugs any financial transactions that do not correspond to a tax return.
A decree by the Solis administration amends the regulations of Act 8204 against drug trafficking, related activities, money laundering, financing of terrorism and organized crime.
Through an amendment to article 34 of Executive Decree No.
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 government will ask the FATF to postpone the review of the legal framework being implemented against money laundering in the country until 2017.
The review by the Financial Action Task Force (FATF) is initially scheduled for 2016, but the government has announced that it will be requesting an extension to complete and verify the effectiveness of the legal restructuring, which involves the adoption of new laws and amendments to other ones.
The National Assembly has passed a bill amending the Criminal Code in order to adapt it to international legal standards for the prevention of crimes of money laundering.
From a statement issued by the National Assembly of Panama:
The full Legislature approved on its third reading Bill No. 102, which amends and adds articles to the Penal Code.
The document seeks to adapt the Panamanian criminal substantive law to the global context and thereby ensure the country's commitment to assuming the highest possible international standards that enable the subsumption of a larger catalog of punishable offenses in the criminal offenses created, in order to elevate the Republic of Panama to the highest position in the prevention and suppression of crimes of money laundering and terrorist financing.
The Tax Authority has announced the implementation of its program of massive audits of firms for March and April.
From a statement issued by the Superintendency of Tax Administration (SAT):
The Tax Authority within its functions to monitor compliance with tax obligations and billing for services and sale of products, is now conducting checks on billing and fixed points at different types of existing businesses.
The Cabinet has approved a draft law which incorporates non-financial sectors such as free zones and real estate agents to the list of entities required to report information according to the law.
From a statement issued by the Government of Panama:
In the interest of protecting important sectors of the Panamanian economy and complying with international standards on transparency and due diligence, the Cabinet approved on Tuesday a draft law against money laundering, terrorist financing and financing the proliferation of weapons of mass destruction.
The government has extended the price freeze on seven basic food products, including red beans and ground beef, for 30 days.
From a statement issued by the Government of Honduras:
The Government of the Republic of Honduras through the Ministry of Economic Development informs the Honduran population in general, that it has been determined by Ministerial Agreement to establish throughout the national territory the maximum retail price for popular consumer products for a period 30 days.
Regulations on the Act Strengthening Shrimp Farming provides for the issuance of a certificate of registration for those engaged in the distribution and marketing of shrimp.
The Executive Directorate of Revenue (DEI) will oversee shrimp transport units and establishments that sell them in order to achieve better tax control of this economic activity, which represents one of the largest in the southern region.
Although two articles are still pending, the Special Law Against Money Laundering Crimes approved by congress establishes harsher penalties for money laundering.
From a statement issued by the National Congress of Honduras:
The National Congress in session on Thursday, after a third and final debate of Article 74 to 92 of the draft Special Law Against Money Laundering Crimes, now has only two articles pending for Honduras have a new law for the fight against public corruption and establishes harsher penalties for those found guilty of forms of money laundering and is linked with other legislation aimed at implementing anticorruption sanction methods.
A bill which is to be submitted to the National Assembly in February establishes an obligation to report suspicious activities which are not specifically financial.
This initiative is part of the package agreed with the Financial Action Task Force (FATF) to strengthen legislation against money laundering and exit so called "greylists". It is expected that an updated legal structure will be in place by June 2015.
The Superintendency of Banks in Panama has added special reviews of financial institutions announcing that fines for infringers will reach up to $1 million.
From a statement issued by the Superintendency of Banks of Panama:
We inform you that starting from November 18, 2014, we are operating a special program of inspections of banks, in order to verify compliance with the established regime to prevent services being improperly used for the offense of money laundering, financing terrorism and other related crimes or those of a similar nature or origin. This program is an additional measure to the inspections made by the Superintendency .
The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.
With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."
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