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Nicaragua Falls Short on Money Laundering Standards

Article Summary:

Financial Action Task has included Nicaragua in gray list of nations that do not meet the international standards against money laundering. The “gray list” is one in which a country has not fully adapted their legislation to international standards.

Photo Credit: Estratehia y Negocios

Original Article Text From Estratehia y Negocios via Google Translate :

Nicaragua Does Not Meet All Standards Against Money Laundering

Nicaragua has been included in the list of four Latin American countries along with Argentina, Ecuador and Venezuela are in the spotlight of the Financial Action Task Force (FATF), which guides the implementation of national standards against money laundering and terrorist financing.

The FATF presented a new list of those who do not fully meet its standards. Rick McDonell, representing the FATF in a ceremony held in Paris, said that these four countries on the list of jurisdictions that have taken steps to incorporate in their legislation to international standards that the agency provides.

This is the “gray list” of FATF, one in which are the “jurisdictions” that have not yet fully adapted their legislation to international standards and that “possibly” Argentina could go in the next revision of the data are there in this body, McDonell said.

The representatives of the FATF, which appeared in Paris the new recommendations of this group that guides the implementation of national standards against money laundering and terrorist financing, stated that the publication of the list of defaulting countries will be through the page agency website.

This specialized group that sets international standards announced that the rules against money laundering and terrorist financing now include combating the financing of weapons of mass destruction and tax offenses.

FATF standards establish standards to be applied more than 180 countries on combating money laundering and terrorist financing. The new recommendations include “combating the financing of proliferation of weapons of mass destruction” and that will be done through the “systematic implementation” of the sanctions decided by the Security Council of the United Nations.

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From Estrategia y Negocios

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