Nicaragua: Report on Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2010/283, IMF Staff Country Reports from International Monetary Fund

Abstract: In 2008, Nicaragua introduced legislation criminalizing money laundering (ML) and the financing of terrorism (FT) that is generally adequate, except for some key deficiencies. The Antimony Laundering and Combating the Financing of Terrorism (AML/CFT) preventive measures for the regulated financial sector, including its supervision, is broadly in compliance with the international standard, but the financial cooperative sector is not regulated. There was no evidence of FT risk, and there have been no suspicious transaction reports or investigations in this regard. Nicaragua does not have an FIU and generally lacks an adequate AML/CFT institutional framework.

Keywords: ISCR; CR; authority; company; law enforcement authorities; CFT regulation; customs authorities; The SIBOIF; financial system; remittance company; money transfer firm; penal code; SIBOIF regulation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; South America; Central America; Western Hemisphere; North America; Caribbean (search for similar items in EconPapers)
Pages: 22
Date: 2010-09-08
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