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12 de January de 2022
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NEW INSTRUCTIONS FOR THE PREVENTION, DETECTION AND CONTROL OF MONEY AND ASSET LAUNDERING, TERRORISM FINANCING AND THE FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION

[vc_row][vc_column][vc_column_text] NEW INSTRUCTIONS FOR THE PREVENTION, DETECTION AND CONTROL OF MONEY AND ASSET LAUNDERING, TERRORISM FINANCING AND THE FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION [/vc_column_text][us_separator][vc_column_text]The Financial Investigation Unit, hereinafter UIF, of the Attorney General's Office (FGR), issued on October 22, 2021, the new instructions for the prevention, detection, and control of money […]

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NEW INSTRUCTIONS FOR THE PREVENTION, DETECTION AND CONTROL OF MONEY AND ASSET LAUNDERING, TERRORISM FINANCING AND THE FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION

[/vc_column_text][us_separator][vc_column_text]The Financial Investigation Unit, hereinafter UIF, of the Attorney General's Office (FGR), issued on October 22, 2021, the new instructions for the prevention, detection, and control of money and asset laundering, which expressly repeals the instructions and circulars previously issued by the FGR. Said instructions are contained in Agreement number 380 of the Attorney General's Office and were published in the Official Gazette on October 27, 2021, and establishes that they will enter into force 30 days after the day after their publication. The main aspects contemplated in this instruction and that differ from the previous ones are the following:

  1. OBJECT:Previously, the guidelines focused exclusively on preventing money and asset laundering, while the current guidelines also aim to prevent terrorist activities and activities related to weapons of mass destruction and their financing (MLA/FT/FPADM).
  2. SCOPE OF APPLICATION, OBLIGATED SUBJECTS AND REGISTRATION:The new instruction requires all commercial companies to register with the UIF through its platform and keep it updated, granting the deadline for15 business daysto report any changes to the information provided (Article 3 of the Instructions). The registration must include information relating to beneficial owners. 
  3. OBLIGATIONS OF THE OBLIGATED SUBJECTS:
  • Implementation of due diligence measures relating to customers and users.
  • Control of customer and user operations.
  • Policies based on the determination and management of risks associated with AML/CFT/FPADM offenses, among others.

Finally, simplified, standard, and enhanced due diligence are specifically regulated for certain types of clients. Anonymous transactions are also prohibited, and a nominative record of them must be kept, and fictitious names are not permitted. Furthermore, each obligated entity must verify the risks and how to address them that arise as a result of new technologies prior to their implementation, among other things. For further questions or advice, please contact us at:aportillo@lexincorp.com[/vc_column_text][us_separator][vc_column_text]Written by:Dr. Adriana Portillo[/vc_column_text][/vc_column][/vc_row]