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Nicaragua Approves Law to Combat Money Laundering

Article Summary:

Nicaragua’s parliament passed a law creating a Financial Analysis Unit (UAF) to combat money laundering, illegal property, and assets ownership. The legislation also enables the State to commit acts of persecution and political espionage.

Original Article Text From El Comercio via Google Translate :

Nicaragua approves law to combat money laundering, property and assets

Nicaragua’s parliament today approved a bill that creates a Financial Analysis Unit (UAF) to combat money laundering, illegal goods and assets, but, according to opponents, could also enable the State to commit acts of persecution and political espionage.

The law establishing the UAF was approved Tuesday with the support of 63 deputies of the ruling Sandinista National Liberation Front (FSLN), the rejection of 24 members of the opposition Nicaraguan Democratic Bench (BDN), and one abstention, the owner reported Parliament, the ruling René Núñez, in full.

The UAF, as enacted, will prevent the laundering of money, property and assets derived from illegal activities and terrorist financing. To do so may request reports on any suspicious transactions to individuals or corporations, domestic or foreign public or private, which the opposition perceives as a threat to those who disagree with the government of Daniel Ortega in Nicaragua. Provisions in the new rule adds that there is no “binding or exhaustive list” of persons or firms must submit information to the Bureau of Economic Research of the National Police.

“We are giving the Executive more reason to become lord of the gallows and knife,” said the deputy of BDN, Eliseo Nunez Morales. The law defines as “suspicious transactions” those twists that equal or exceed one day $ 10 000. Nunez Morales said the UAF will have “high discretion” and may “civil death to any business or citizen simply because they do not agree with the ideas of those who manage it.”

The law passed “reminds me of the book 1984 (George Orwell) and Big Brother. We watched by various sides,” he reported, meanwhile, the opposition Sandinista dissident lawmaker Enrique Saenz. The FSLN parliamentary group, however, denied any possibility of political espionage. The “FAU does not have any legal power to inflict any Nicaraguan judicial proceedings, but generates conclusive technical reports” to be delivered to the Public Ministry and the National Police, said the president of the Economic Commission of the Parliament, the ruling Wálmaro Gutierrez.

He said that the rule prohibits “political espionage exercise, use force to obtain information or store sensitive data people.” The ruling party parliamentary group leader, Edwin Castro, said the law was challenged by “demand for international powers to combat money laundering.”

Link to Original Article:

From El Comercio

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