Companies mandating tobacco
In October 2010, Guatemalan monetary authorities approved a regulation to establish limits for cash deposits in foreign currency, notably requiring more information and bank certification for transactions totaling over ,000 per month.According to law enforcement authorities, banks’ purchases of foreign currency declined 34 percent during the first nine months of 2011, and an additional 16 percent during a similar period in 2012.These “offshore” banks are subject to the same anti-money laundering/counter-terrorist financing (AML/CFT) regulations as any local bank.Guatemala has 18 active free trade zones (FTZs) and nine more are scheduled to start operations soon.Guatemala Guatemala is not considered a regional financial center.It continues to be a transshipment route for South American cocaine and heroin destined for the United States and for cash returning to South America.The Government of Guatemala (GOG) should put into force a gaming law to regulate the industry and reduce money-laundering potential.
In 2012, there were seven “offshore” entities, with head offices in Panama, the Bahamas and Puerto Rico.
Law enforcement agencies report that money laundering continued to increase during the year, especially by groups of air travelers heading to countries such as Panama with slightly less than the amount of the Guatemalan reporting requirement (,000), and a large number of small deposits in banks along the Guatemalan border with Mexico.
A law regarding asset forfeitures took effect in June 2011, and allows Guatemalan authorities to seize cash used in structuring transactions and transfer it to the state without first having to obtain a criminal conviction against the courier.
S.: MLAT: YES Other mechanism: YES With other governments/jurisdictions: YES Guatemala is a member of the Caribbean Financial Action Task Force (CFATF), a Financial Action Task Force-style regional body.
Its most recent mutual evaluation can be found here: AND IMPLEMENTATION ISSUES AND COMMENTS: Staffing of the Financial Intelligence Unit (IVE) has increased over the last several years and the number of STRs filed has also increased since the unit’s beginning.