Following up on the 40 recommendations of the Financial Action Task Force (FATF), particularly No. 22 & 26, the State of Nicaragua, through the Financial Analysis Unit (UAF for its acronyms in Spanish) issued Resolution No. UAF-N-009 -2016 Regulations on Prevention, Detection and Reporting Activities related to Money Laundering and Financing Terrorism (ML/FT) through Non-Financial Businesses and Professions. This resolution was published in the Official Gazette No. 101 of June 1, 2016.
This resolution comes to design the regulatory framework aimed at Non-Financial Businesses and Professions, which are those that can be an object or subject, vulnerable or susceptible to being used for Money Laundering and Financing to Terrorism as well as proliferation, as foreseen by the Article 41 of Decree No. 07-2013 of the Regulations of the Financial Analysis Unit.
The Obligees by this Resolution are the followings:
- 1. Casinos and gambling (that belong to Category A, B and C according to Law No. 766, that regulated the gambling activities);
- 2. Real Estate Brokers;
- 3. Dealers of metals, precious stones and/or artwork and those who are involved in the commercialization, industrialization and manufacture of jewelry and/or precious stones Fiduciary Services providers;
- 4. Traders of new or used vehicles; and
- 5. The assistants of retailers that acts as auctioneers.
Additionally, each obligee shall apply a Due Diligence (DDC) over its customers and deliver a Suspicious Activity Reports (ROS by its acronyms in Spanish) when required.
We invite everyone who is engaged in these activities to proceed with the registration in the UAF and comply with the necessary measures for the Prevention of Money Laundering and Financing of Terrorism (PML / FT).
In CENTRAL LAW Nicaragua we have the experience required to register the Obligees into the UAF and work in coordination with specialists in designing a System for Prevention of Money Laundering and Financing to Terrorism (PML / FT).
Avil Ramírez Mayorga
CENTRAL LAW Nicaragua