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

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.

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Year of publication:	2010-09-08
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Combating the financing of terrorism \| Financial institutions \| International cooperation \| Reports on the Observance of Standards and Codes \| money laundering \| terrorism \| terrorist financing \| financing of terrorism \| law enforcement \| terrorist \| due diligence \| suspicious transaction \| financial intelligence unit \| suspicious transaction reports \| administrative sanctions \| legal assistance \| suspicious transaction report \| suspicious transactions \| transaction reports \| illegal activity \| unusual transactions \| drug trafficking \| internal controls \| beneficial ownership \| enforcement authorities \| law enforcement authorities \| penal code \| banking secrecy \| predicate offences \| suspicious transaction reporting \| terrorist assets \| wire transfer \| transaction reporting \| customer identification \| control information \| law enforcement officials \| foreign authorities \| intelligence information \| investigative techniques \| compliance officer \| law enforcement agencies \| business relationships \| judicial authorities \| criminal investigations \| mutual evaluation \| confiscated property \| competent authorities \| due diligence requirements \| legal obligations \| security risk \| financial crime \| regulatory measures \| investigative agencies \| value transfer \| financial intelligence information \| beneficial owners \| securities firms \| risk management \| domestic legislation \| know your customer \| acts of terrorism \| supervisory bodies \| domestic laws \| money remittance \| reporting obligations \| precious metals \| foreign authority \| assessment methodology \| technical resources \| laundering legislation \| foreign branches \| risk management procedures \| internal procedures \| international conventions \| constitutional rights \| financial transactions \| security risks \| legal entities \| foreign counterparts \| criminal sanctions \| legal arrangements \| legal assistance requests \| dissuasive sanctions \| confiscation of property \| wire transfer requirements \| investigative measures \| technical capacity \| united nations security \| shell banks \| asset freezing \| criminal law \| suspicious activities \| regulatory bodies \| shell company \| financial transaction \| account number \| legal impediments

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 10/283 2 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011245492