The article of the law in Guatemala, which facilitated access to companies bank information via a court order requested by the tax authorities, has been temporarily suspended.
The decision was taken by the Constitutional Court after a company filed an appeal of unconstitutionality.Based on the arguments put forward, the CC decided to order the provisional suspension of Article 52, which empowered the Superintendency of Tax Administration (SAT) to request that a judge order the lifting of banking secrecy of individuals or companies when there was "...reasonable doubt about the results of the processes or execution of the selective and mass inspection plans'." See "Guatemala: Bank Secrecy Now Lifted"
As of February 2018, banks in the system had assets totalling $41,343 million, which is 7% higher than the $38,655 million reported in the same month in 2017.
The Superintendency of Banks in Guatemala reported that at the end of February 2018, the bank's national currency assets totaled $29.921 billion, and assets in foreign currency amounted to $11.422 billion.
In 2017, the International Banking Center recorded profits of $1.797 billion, 18% more than the $1.594 billion reported in 2016.
The Superintendency of Banks in Panama reported that "... The CBI 's profits increased by 17.9% in the month of December, supported by a reduction in expenditures and an increase in income from financial operations."
In Costa Rica there has been an increase in reports of complaints about calls and emails in which data such as account numbers and passwords are requested, purportedly by financial institutions.
From a statement issued by the Central Bank:
The Central Bank of Costa Rica (BCCR) wishes to warn the general public about an increase in scams, both by telephone and e-mail, in which unscrupulous people pretend to be officials from this institution, with the purpose of obtaining data such as bank account numbers and access codes.
The Salvadoran banking system is maintaining stable performance, despite an operating environment deteriorated by a recent increase in the risk rating for sovereign debt.
From a report entitled "Panorama one of El Salvador's Largest Banks in the First Quarter 2017" by Fitch Ratings:
From 2018 an agreement will be in effect on the exchange of financial and tax information of accounts of Argentines in Panama and of Panamanians in the South American country.
From a statement issued by the Federal Public Revenue Administration of Argentina:
The private sector is opposed to the decision of the Income Management Service to request information from banks to identify potential evasion on the part of companies.
Miriam Guzman, head of the Income Management Service (SAR), explained to Laprensa.hn that they request information from the banks and then send a friendly request about the inconsistencies between those declared and those reported at the bank.The company or individual is then asked to file a return."..."We give them a deadline, and if they do not comply, the sanctions detailed in the Tax Code are applied, explained Guzman."
In the last quarter of 2016, the total amount of transactions made through the network of banking agents grew by 26% compared to the same period in 2015, and the average amount per transaction increased from $99 to $118.
Data from theQuarterly Bulletin of Financial Inclusionby the Superintendency of Banks indicates that between September and December of last year, more than 7.8 million transactions were made, including deposits, withdrawals and credit payments made through the network of banking agents, 26% more than in the same period in the previous year.
Although profitability of the entities is adequate, Fitch Ratings is not ruling out pressure on performance because of increased spending on credit provisions and lower growth.
From a report by Fitch Ratings, III quarter of 2016:
Concentrated financial system has adequate profitability and capitalization in Regulatory situation in process of strengthening
Companies that make or receive international transfers for amounts of over $50,000 per transaction will have to indicate the origin of the funds.
Banking entities have reached an agreement to amend theSelf-RegulationRulesfor Monitoring of International Transfers to Prevent Money Laundering and Terrorist Financing. The amendment was approved in October 2016, and banks will have to start implementing the new measures in January this year.
As part of an audit plan which will start this year and will include access to banking information, the tax authority will be verifying transactions of real estate sales.
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