Financial Crime World

Title: Guatemala’s Decree 67-2001: Tightening the Net on Financial Crimes

Significant Stride in Guatemala’s Anti-Money and Asset Laundering Efforts

Guatemala’s Congress passed Decree Number 67-2001, marking a significant step forward in the nation’s commitment to combat money and asset laundering. This decree comes into effect shortly after its publication and is designed to protect Guatemala’s economy and financial system from the damaging effects of criminal activities.

Objectives, Responsibilities, Penalties, and Procedures

Decree 67-2001 sets the foundation for Guatemala’s Anti-Money and Asset Laundering Law. It outlines various objectives, responsibilities, penalties, and procedures to prevent the usage of the financial system for illicit businesses.

Article 1: The objective of this law is the prevention, control, supervision, and punishment of money and asset laundering in Guatemala.

  • Chapter II: Defines money and asset laundering as crimes (Articles 2, 3, and 4) and the extradition of offenders (Article 3).
  • Section I: Penalties for individuals (Articles 4 and 5), and entities (Article 6).
  • Section II: Penalties for those involved in planning, conspiracies, or attempts (Article 6).

Article 7: Public officials face increased penalties if found guilty of money or asset laundering while in the exercise of their responsibilities.

Article 8: Seizure of property, including assets used in or resulting from the commission of these crimes.

Special Verification Intendance and Procedures

  • Section I, Chapter IV: Outlines the procedure and regulates the functions of the Special Verification Intendance (Article 32-35).
  • Section II: Appointment, eligibility requirements, designation, and temporary substitution of the Intendant of the Special Verification Intendance (Articles 38-43).

Approval and Beginning of the Special Verification Intendance’s Duties

  • Article 44: Regulations must be formulated within 60 days of the law’s passage.
  • Article 45: The Special Verification Intendance begins its duties within 180 days after the law takes effect.
  • Article 47: The dispositions of Decree No. 51-2001 are derogated.

Conclusion

Decree 67-2001 signifies Guatemala’s serious approach to prevention of financial crimes, bolstering the national economy and securing a more stable financial future.

  • Prevention of money and asset laundering
  • Objectives
  • Responsibilities
  • Penalties for individuals and entities
  • Penalties for conspiracies and attempts to commit the crime
  • Increased penalties for public officials
  • Seizure of property
  • Special Verification Intendance procedure
  • Approval and beginning of the Special Verification Intendance’s duties

Guatemala’s Decree 67-2001: Tightening the Net on Financial Crimes

Significant Stride in Guatemala’s Anti-Money and Asset Laundering Efforts

  • Decree Number 67-2001
  • Protecting the Guatemalan economy and financial system

Objectives, Responsibilities, Penalties, and Procedures

  • Decree Objectives
  • Defining money and asset laundering as crimes
  • Extradition of offenders

Penalties

  • Individuals
  • Penalties for committing the crime
  • Financing of terrorism
  • Forfaiture and forfeiture
  • Entities
  • Fines, seizure, or loss of assets
  • Court costs
  • Publication of sentence
  • Planning, Conspiracies, and Attempts
  • Same penalties as for committing the crime itself

Public Officials

  • Increased penalties for public officials

Seizure of Property

  • Surrender of assets
  • Prohibition from use or trade of assets, regardless of guilt

Special Verification Intendance and Procedures

  • Procedure and regulations
  • Appointment, eligibility, designation, and temporary substitution of the Intendant

Approval and Beginning of the Special Verification Intendance’s Duties

  • Regulations within 60 days
  • Beginning of the Special Verification Intendance’s duties within 180 days
  • Derogation of Decree No. 51-2001 dispositions

Conclusion

  • Commitment to combating financial crimes
  • Bolstering the national economy
  • Securing a stable financial future

Guatemala’s Decree 67-2001 signifies the country’s serious approach to prevention of financial crimes, strengthening the national economy, and ensuring a more stable financial future.