Money laundering

On June 6, a new Instruction for the Prevention of Money Laundering and Financing of Terrorism issued by the Financial Investigation Unit of the Attorney General's Office (UIF) came into force. The new Instruction replaces one dating from 2013 and aims to establish clearer and more precise rules to comply with the obligations established in the Anti-Money Laundering Law. It also better harmonizes our domestic legislation with international treaties and conventions and with the standards of the Financial Action Task Force (FATF), concerning money laundering and the financing of terrorism and the proliferation of weapons of mass destruction.



With the entry into force of the new instructions, profound changes are established in the approach to money laundering and ambiguities related to the regulated entities and the compliance officer are clarified; at the same time, the risk-based approach is established as an essential foundation for the effective allocation of resources by the regulated entities and the implementation of risk-based measures. This marks a radical change that mandates regulated entities to review their manuals, agreements and policies related to the subject.



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