Financial Crime World

Guatemala Takes Steps to Strengthen AML/ CFT Structure as FATF Recommendations Loom

In an effort to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) structure, Guatemala has taken steps to prepare for its evaluation in the 4th Round of assessments at a global level. The country recently organized a seminar for officials on the new International Standards issued in 2012.

Seminar Highlights

The seminar, hosted by the Intendencia de Verificación Especial (IVE) of the Superintendent of Banks of Guatemala and the Caribbean Financial Action Task Force (CFATF), focused on:

  • Major changes and challenges presented by the new FATF Recommendations and their Interpretative Notes
  • Case studies

The training session was led by Mrs. Diana Firth, Executive Deputy Director of the CFATF, and Mrs. Alejandra Quevedo, Legal Adviser of the CFATF.

Guatemala’s Progress in Addressing Deficiencies

In November 2014, Guatemala was recognized for making significant progress in addressing deficiencies identified in their 2010 Mutual Evaluation Report. The country has substantially improved its compliance with:

  • Core and Key Recommendations 3, 5, 23, and Special Recommendations I and III
  • Recommendation 1, 10, 13, 26, 36, 40, and Special Recommendations II, IV, and V

Guatemala’s 5th Follow-Up Report, presented at the November 2014 Plenary, contains a detailed description and analysis of the actions taken by Guatemala to rectify deficiencies identified in respect of Core and Key Recommendations rated PC or NC as well as a summary of progress in other Recommendations in the 2010 Mutual Evaluation Report.

Readying for Fourth Mutual Evaluation

In May 2015, Lic. Luis Antonio Martinez, Attorney General of the Republic and Chairman of the CFATF, participated in a work meeting in Guatemala City regarding the mutual evaluation in the prevention of money laundering and financing of terrorism in that country. The evaluation is being coordinated by the Financial Action Task of Latin America (GAFILAT) with the participation of the CFATF.

As a member of both organizations, Guatemala will undergo a comprehensive review to assess its effectiveness in preventing money laundering and terrorist financing. GAFILAT is a regionally based intergovernmental organization that brings together 16 countries in South America, Central America, and North America to combat money laundering and terrorist financing.