The Senate approved in second reading the project of extinction of ownership, which will serve for the State to seize property originating from or linked to the violation of criminal laws and property used or linked to criminal activities.
This act regulates the procedure for lawsuits for the extinction of property provided for in Article 51, paragraph 6 of the Constitution of the Dominican Republic, which states that the "Act shall establish the regime for the administration of property seized and abandoned in criminal proceedings and in lawsuits for the extinction of property, provided for in the legal system," the Senate reported.
The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries.
Excerpted from the report "International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes" by the US State Department:
Costa Rica Transnational criminal organizations continue to favor Costa Rica as a base to commit financial crimes due to its location and limited enforcement capability. Costa Rica’s government has attempted to strengthen the legal framework for supervision and enforcement; however, challenges remain in mitigating money laundering risks. Costa Rica is a transit point that is also increasingly used as an operations base for narcotics trafficking; and significant laundering of proceeds from illicit activities continues. Costa Rica should continue to close financial crimes legislative gaps and allocate resources for investigation and prosecution.
Gafilat has identified the outstanding tasks needed to bring up to date matters relating to financing terrorism, control of casinos and the inclusion of lawyers in the Mandated Persons category.
The ruling was made by the Financial Action Task Force for Latin America (Gafilat), who released the Mutual Evaluation Report, up to the date of the in situ visit made between November 23 and December 4, 2015.
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.
There were "few initiatives identified to combat the laundering of proceeds of crimes such as fraud, forgery, tax evasion and product piracy".
The real estate market, construction, legal services and casinos once again appear as the most susceptible to money laundering.
The ruling was made by the Financial Action Task Force for Latin America (Gafilat), which released a report on Anti-Money Laundering measures and Combating the Financing of Terrorism (AML / CFT) put in place in Costa Rica at the time of the site visit (19 the January 30, 2015).
The Global Financial Integrity report notes that between 2004 and 2013 the flows of money from Costa Rica from laundering and other illicit sources increased by 10% compared to the period 2003-2012.
EDITORIAL
The report entitled "Illicit Financial Flows from Developing Countries: 2004-2013" by Global Financial Integrity, shows that during the 10 years in question, the flow of illicit money from Costa Rica exceeded $11 billion.
We are all responsible for fighting against the culture of easy money through laundering which attracts investments of dubious legality and generates situations of corruption, insecurity, threats and extortion.
The main business association in Panama has joined various international and national organizations, noting the need for "... the private sector and citizens to adhere to the efforts of the public sector, since the responsibility for preventing and combating laundering, is a joint project. "
Of the countries on the isthmus Costa Rica, Guatemala and Panama stand out as countries that are causing "great concern" in this matter.
From the report by the US State Department: "International Narcotics Control Strategy Report Volume II - Money Laundering and Financial Crimes" March 2015:
Costa Rica
Transnational criminal organizations increasingly favor Costa Rica as a base to commit financial crimes, including money laundering.
The CICIG has shown that in practice the private financing of candidates and political parties is anonymous, unlimited and uncontrolled, and that 25% of it comes from drug trafficking.
From the introduction of a report by the International Commission Against Impunity in Guatemala (CICIG), "FINANCING OF POLITICS IN GUATEMALA"
The relationship between money and politics is a problematic topic that has been addressed both in the field of philosophy and political science, aS well as in public debate. In the academic world, this issue has been addressed in arguments that show how detrimental it is to the social and political order that the same people and groups that concentrate economic power also concentrate political power, and therefore what is sought and prefered are institutional designs which contribute to keeping the two spheres separate. However, both in societies with consolidated democracies and countries in the process of democratizing, the decisive influence of groups with economic power has been maintained or increased.
The Global Financial Integrity report places Costa Rica and Panama in positions 14 and 18 in the list of countries that moved the largest flows of illegal money in the world between 2003 and 2012.
EDITORIAL
The report entitled "Illicit Financial Flows from Developing Countries: 2003-2012" by Global Financial Integrity, said that between those years, the flow of illicit money in Costa Rica exceeded $94 billion, about $30 billion more than the amount accumulated between 2001 and 2011, according to reports from the same institution in mid-2013.
The amendments made to the law against money laundering exclude the media from the list of subjects required to report transactions.
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.
The two nations have been included in the list of countries with deficiencies in the fight against money laundering and terrorist financing.
The Financial Action Group, assigned to the Organization for Economic Cooperation and Development noted that Panama and Nicaragua are in breach of the recommendations that the agency provides to improve controls for preventing money laundering in the financial system.
An initiative has been presented to regulate gambling and public events in order to prevent the concealment of illegal activities such as money laundering and drug trafficking.
The proposal submitted by the Encuentro por Guatemala back bench group "proposes to create new crimes such as the destruction or disappearance of information related to these activities and the facilitation of drug trafficking, money laundering, financing of terrorism or organized crime," noted an article in PrensaLibre.com.