TerraLex Members

TerraLex Members

TerraLex Members

Published on may 31 , 2023

Foto de Benjamín Miguel Valdez Tamayo

Benjamín Miguel Valdez Tamayo - Partner

Benjamín Valdez y Asociados joins as El Salvador member of TerraLex, one of the largest global networks of lawyers San Salvador, May 2023. - We are pleased to inform our esteemed clients and friends that, as of this month, Benjamin Valdez y Asociados has joined TerraLex, one of the largest networks of lawyers worldwide. TerraLex is a community made up of 132 firms located in 118 countries, whose main objective is to facilitate member firms to meet the needs of their clients, with the support of highly qualified lawyers who meet the most rigorous professional standards in each country. Through this alliance, Benjamin Valdez y Asociados becomes the exclusive representative of TerraLex in El Salvador, thus expanding our services to the various jurisdictions of the network. In this way, we can offer our clients legal advice supported by specialized lawyers in different countries and in various areas of law as required.

In addition, during the month of May, Benjamin Valdez y Asociados had the honor of participating in the TerraLex World Convention held in Mexico City, hosted by the Mexican member firm, Santamarina + Steta. This convention brought together more than 200 lawyers, as well as representatives from numerous companies, investors, governmental entities and in-house counsel teams that maintain relationships and use the services of the network's lawyers. For us at Benjamin Valdez & Associates, it is a real pleasure to make our services available to our clients and friends through this network, allowing us to support their needs both in Central America and the rest of the world.

BV&A is a boutique law firm, specialized in corporate and financial legal services, considered as the firm of reference for multinational transactions in these areas of expertise. During the last 20 years, the firm has benefited from the experience and recognition of its partners in different fields and has grown significantly, gaining a privileged position in the market and expanding its specialized legal services.

The Firm's main service areas, based on the experience of leading partners, are:
Corporate: Corporate and Commercial, Mergers and Acquisitions, Banking and Finance, Stock Exchange, Labor Law, Energy, Telecommunications, Petroleum, among others.
Real Estate: Leasing, Assets, Financial Restructuring and Resolutions before Governmental Entities.
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Last June, the new Instructions for the Prevention, Detection and Control of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction, issued by the Attorney General's Office (FGR), under the framework of the Anti-Money Laundering Law (LCLDA), came into force. In its Article 2, the LCLDA establishes that every person must submit information to the FGR that allows demonstrating the licit origin of any transaction he/she carries out. This leads us to conclude, then, that every person must prepare the manual and internal policies for the implementation of a money laundering prevention system, and the continuous development of these.

What is the difference between the new Instructions and the prevention systems elaborated before it came into force? Article 4 of the Instructions requires individuals to apply a risk-based approach, which consists of identifying, assessing and understanding the risks of their sector and operation, and applying resources aimed at ensuring that they are effectively mitigated. Therefore, it is necessary to update the manuals and policies that companies had developed in the past, so that they have a risk-based approach and comply with the new provisions.

From the manuals prepared, it is necessary to comply with other obligations, among them, to develop due diligence and KYC policies to identify the final beneficiary of the company's business relationships, to detect and mitigate all unusual or suspicious transactions and report them to the FGR (not only cash transactions), to train employees, to keep a historical record of the files analyzed, and above all, to appoint a compliance officer.

Why is it important to comply? Article 8 of the LCLDA establishes that, if there is any encumbrance due to negligence, impertinence or ignorance of the directors or employees of the companies, there will be a sanction of two to four years in jail.

Therefore, as a Firm we recommend:


We offer you our services, in order to comply with these legal obligations, so that your company has the peace of mind and support of a money laundering prevention system.

For more information about how this may affect your company, please contact our specialized team at bvaldez@bvaldezlaw.com  or  benjamin@bvaldezlaw.com