S & P Downgrades El Salvador's DebtFriday, October 14, 2016 The ratings agency has reduced the rating for long-term sovereign debt from B + to B, arguing that political capacity to resolve the fiscal problem is shrinking. From a press release by Standard & Poor´s: Appeal for Financial Pacific SuspensionThursday, November 15, 2012 Executives from the brokerage firm Financial Pacific will ask the SMV to reconsider the suspension of its license to operate in Panama. The Superintendency of Securities of Panama (SMV) suspended the operating license of the brokerage house because of a shortfall of $11.5 million in "customer’s cash ". Panama Exchange Ends Contract with Financial PacificFriday, June 27, 2014 More than a year after investigations were started into alleged irregularities and after having been suspended from operating in the country, the stock exchange has annulled its contract with the firm. From a statement issued by the Panama Stock Exchange: Costa Rica: Registry to protect financial assetsFriday, January 23, 2009 The system will allow for the protection of financial assets from fraud, and will detect fraud instantly and prevent it from happening. Nacion.com reports: "This is the Registry of Financial Assets (RAF, www.ifar.bz), which will allow users to register bank accounts, term deposit certificates and any other assets which can be subject to fraud. INCAE is in 46 Place in World RankingsWednesday, May 13, 2009 The International Classification of the Financial Times Executive Education ratifies that INCAE is within the top 50 business schools in executive education. According to the study only 4 Latin American schools were able to get into the ranking. IPADE (Mexico), Fundação Dom Cabral and IBMEC São Paulo (Brazil) are among a total of more than 6 thousand that are currently active throughout the world. $30 million for Commercial and Financial Center in GuatemalaMonday, January 19, 2009 The work, Interamericas World Financial Center, is currently in the excavation phase and will be completed by the middle of 2011. Prensalibre.com reports: "The investment for this building is estimated to exceed $30 million (Q234 million), said Jose Sanchez Gongora, the project designer and coordinator, to the Prensa Libre daily. Flows of Illicit Money from Central America Still GrowingThursday, December 10, 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 How Much Money Was Lost in Financial PacificTuesday, January 12, 2016 In Panama reports state that $15 million in assets have been recovered in the process of forced liquidation of the brokerage firm Financial Pacific, an amount which covers only 70% of the total invested by customers. Problems in the Panamanian stock market continue, and now it is the Liquidating Board of brokerage firm Pacific Financial which is giving the bad news to customers of the company. Panama: Suspension Lifted on Financial PacificFriday, May 17, 2013 Following approval of the sale of the shares to Brazilian group Mendo Sampaio and the withdrawal of the complaint against the Superientendente of Securities, Financial Pacific has been authorized to resume operations. A statement from the Superintendency of Securities (VPS) reads: Regulating Entity Takes Control of Stanford Bank PanamaWednesday, February 18, 2009 The Banks Superintendent reported in a broadcasted message that it will effectively take financial and administrative control of the Stanford Bank Panama. DialogoCiudadano.com reports in its website: "The SEC accused Allen Stanford and two executives of the Stanford Financial Group of fraudulently selling $8 billion in certificates in a plan that involved operations from Texas to Antigua." Brokerage House Linked to Banco Universal SuspendedThursday, August 6, 2015 The market regulator of Panama has indefinitely suspended the license of the brokerage firm Clever Financial Investment Services, linked to Banco Universal. A resolution by the Superintendency of Securities said that after performing an inspection at the brokerage firm, " it was found that the brokerage firm maintains only three bank accounts, all of them with Banco Universal ", namely own / administrative account, third parties / customers account and a deposit account. " El Sol Loan Center to Operate in GuatemalaThursday, March 12, 2009 The financial firm, property of the Puerto Rican Caribbean Financial Group (CFG), will begin operations in April. It will focus on financing for businesses that sell on credit and on personal loans. Fidelity National Financial Begins Operations in Costa RicaThursday, October 1, 2009 The company provides title insurance and escrow services. It will operate in Costa Rica with the name "Fidelity International Title Costa Rica", and serve the Central American market from there. Judicial Order Contradicts Suspension of Brokerage FirmMonday, November 12, 2012 The Supreme Court has canceled the reorganization order of Financial Pacific set by the Superintendency of Securities of Panama. The Superintendency of Securities of Panama had ordered "the suspension of the license of the brokerage firm Financial Pacific Inc., for a period of 15 calendar days so that the brokerage firm may remedy all the anomalies found or else the Superintendency will order further action. " The Relevant Role of Money LaunderingWednesday, May 29, 2013 The movement of illicit capital in Costa Rica and Panama counts for more than 10% of their respective GDP, meaning that its removal would be a major blow to their economies. Editorial |
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