Deputies modify Law on International Financial Zones
Changes will avoid money laundering operations and other illicit money operations
Diario Libre
SD. The Chamber of Deputies passed into law the legislation that modifies Law 480-08 which creates the International Financial Zones. These changes will avoid that there will be operations with ties to money laundering or other illicit money schemes.
The Plenary accepted a favorable report from the Hacienda Commission that is chaired by Marino Collante. The report indicates that the objective of the initiative is to clear up the role of the Financial Analysis Unit (FAU), created by Law 72-02, on Laundering of assets from the illegal traffic of drugs and controlled substances and other serious crimes.
The proposal modifies articles 1,3,6,7,2,13,18,and 23 and then from 27 to 32,39,57,58,59 and 65 of Law 480-08. It should be promulgated or observed by the Executive Branch.
It establishes that the customers and operators of International Financial Zones should report to the FAU, "within 24 hours, all suspicious, dubious and complex transactions including but not limited to those tied to the activities associated with money laundering, criminal financial activities and of the financing of terrorism."
It provides for the National Council of Financial Zones to have under their care, a Department for the Prevention of Asset Laundering and Financing of Terrorism. This will avoid that the financial services and related activities of the International Financial Zones can be used for laundering assets, finance terrorist acts or other financial crimes.
Collante recalled that although the law had not been implemented because the Drug Enforcement Agency of the United States and international organizations did not grant it the ISO Certification. He explained that the changes made to the law were agreed upon with these entities.
"This was a lock that was put on this law in order that it would not be vulnerable to any operation of a dubious sort, of monies that come from laundering, illicit operations, etc...," he said.
He recalled that in Juan Dolio there is the infrastructure that was built for this operation.
The Plenary accepted a favorable report from the Hacienda Commission that is chaired by Marino Collante. The report indicates that the objective of the initiative is to clear up the role of the Financial Analysis Unit (FAU), created by Law 72-02, on Laundering of assets from the illegal traffic of drugs and controlled substances and other serious crimes.
The proposal modifies articles 1,3,6,7,2,13,18,and 23 and then from 27 to 32,39,57,58,59 and 65 of Law 480-08. It should be promulgated or observed by the Executive Branch.
It establishes that the customers and operators of International Financial Zones should report to the FAU, "within 24 hours, all suspicious, dubious and complex transactions including but not limited to those tied to the activities associated with money laundering, criminal financial activities and of the financing of terrorism."
It provides for the National Council of Financial Zones to have under their care, a Department for the Prevention of Asset Laundering and Financing of Terrorism. This will avoid that the financial services and related activities of the International Financial Zones can be used for laundering assets, finance terrorist acts or other financial crimes.
Collante recalled that although the law had not been implemented because the Drug Enforcement Agency of the United States and international organizations did not grant it the ISO Certification. He explained that the changes made to the law were agreed upon with these entities.
"This was a lock that was put on this law in order that it would not be vulnerable to any operation of a dubious sort, of monies that come from laundering, illicit operations, etc...," he said.
He recalled that in Juan Dolio there is the infrastructure that was built for this operation.
Diario Libre
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