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Money Laundering

 

Money laundering and terrorist financing are financial crimes.  The Law against Money Laudering and other Assets has been created in Guatemala effective since December 17, 2001 and the Law to Prevent and Suppress Terrorism Financing effective since October 5, 2005 to prevent, control, enforce and sanction money laundering or other assets coming from the commission of any crime. The companies that were mainly binded to enforce the law were the ones that performed financial activities; however, through an amendment to the Regulations of the Law Against Money Laundering or Other Assets, the following were included as liable individuals since December 26, 2013:

  • Non-profit legal entities, who receive, manage or enforce Government funds and/or receive or send funds from or for abroad. 
  • Insurance Intermediaries. 
  • Individual or legal entities that perform real estate development, purchase and sale of real estate, motor vehicles, land, sea or air vehicles, jewelry trades, precious stones    and metals, art and antique objects and shielding services of property of any kind. 
  • Public Accountants and Auditors that submit management services of money, securities, bank accounts, investments or other assets. Accounting activities in general. 
  • Individual or legal entities engaged in rendering services by instructions in behalf of their clients or third parties as holders of registered shares, partners, associates or founders of legal entities, directors, members of the board of directors, administrators, legal representatives and giving a physical address as a fiscal domicile.   

The above, because they develop non financial activities that, by their operations nature, are more likely their services and products could be used inappropriately in money laundering or other assets. 

 

These individuals are forced to register, create a manual, personnel training, appoint a compliance officer, keep records of their clients and daily operations and establish an audit mechanism to verify and evaluate the compliance of programs and regulations.   They have to submit detection reports or suspicious transactions also to the Superintendence of Banks. 

 

In Crowe Horwath we offer you the advisory services for the registration of the new entities, in addition; solutions for both compliance with the law and mechanisms to avoid contingencies, fines and suits.

 

 

 Money Abstersion