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Guatemala Tries Again to Eliminate Bank Secrecy

Article Summary:

Members of Unidad Nacional de la Esperanza (UNE) filed a bill in Guatemala to eliminate bank secrecy. The bill is supported by both government tax and banking officials, who warn if Guatemala continues with its antiquated bank secrecy practices there could be negative consequences for the country.

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Original Article Text From Prensa Libre via Google Translate :

UNE Presents New Proposal to Eliminate Bank Secrecy

Rep. Carlos Barreda, indicates that the initiative has the technical consensus of the Superintendency of Tax Administration (SAT), Superintendency of Banks (SIB), Banco de Guatemala and the Ministry of Finance.

Barreda expected a loss of Q300 million in tax revenue, given the continuity of banking secrecy and warns that not approved could generate negative consequences for the country.

At the end of last week, a similar initiative emerged from the legislative agenda to return to the Committee on Economy, after the ruling party deputy Emmanuel Seidner presented a motion in which he said still needs to evaluate several aspects of the proposal.

Link to Original Article:

From Prensa Libre

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