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Latin America Investment News on Viva Tropical

Nicaragua to Create Financial Analysis Unit to Monitor Financial Institutions

Article Summary:

Financial Analysis Unit is in the works for Nicaragua which will monitor movements within the finance and banking sectors as well as others such as microfinance institutions, casinos, pawnshops and loan companies and agencies and parcel shipments.

Photo Credit: Prensa Nicaragua

Original Article Text From Prensa Nicaragua via Google Translate :

Next week approve the Financial Analysis Unit

The opinion on the law establishing the Financial Analysis Unit (UAF) will be made next Friday and approval shall be submitted to the plenary next week, said deputy Wálmaro Gutierrez, president of the Committee on Economy and Budget Production.

Gutierrez said the company will be decentralized and that its director and deputy director are appointed by the President.

The legislator said that the main function unit will monitor finance and banking as well as others who call themselves obligated to give information. These include, apart from banks and microfinance institutions, casinos, pawnshops and loan companies and agencies and parcel shipments.

The Superintendent of Banks, Victor Urcuyo, said they have the same features that have made today, but will also have to cooperate by providing information to the UAF on certain cases.

The analysis of the evidence established only UAF, and will be the prosecutor that the prosecution will have to be charged and a court would determine whether or not crimes of laundering or organized crime.

Article seven of the initiative said that UAF will report annually to the management of President.

Link to Original Article:

From Prensa Nicaragua

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