Nicaragua Makes Progress in Addressing Financial Regulations Deficiencies, Re-Rated by Global Standard Setter

Nicaragua has been working diligently to address technical compliance deficiencies identified in its 2017 Mutual Evaluation Report and subsequent Follow-Up Reports. The country’s efforts have paid off, earning it re-ratings on four key recommendations from the global standard setter.

Progress Made

Recommendations 8, 22, 23, and 28, which were previously classified as “Partially Compliant”, have been upgraded to “Largely Compliant”. This marks a significant milestone in Nicaragua’s journey towards strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Upgraded Recommendations

• Recommendation 8: Upgraded from “Partially Compliant” to “Largely Compliant”
• Recommendation 22: Upgraded from “Partially Compliant” to “Largely Compliant”
• Recommendation 23: Upgraded from “Partially Compliant” to “Largely Compliant”
• Recommendation 28: Upgraded from “Partially Compliant” to “Largely Compliant”

Ongoing Efforts

Despite this progress, Nicaragua will continue to participate in the enhanced follow-up process, with regular reporting to the Financial Action Task Force (FATF) on its ongoing efforts. The country remains committed to implementing AML/CFT measures effectively and staying on track with international standards.

In summary, Nicaragua’s efforts have led to significant improvements in its financial regulations, demonstrating the country’s commitment to addressing deficiencies and strengthening its anti-money laundering and combating the financing of terrorism measures.