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Nicaragua’s Anti-Money Laundering Regulations Face Scrutiny

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A recent report has shed light on Nicaragua’s progress in implementing anti-money laundering regulations, with the country receiving a mixed bag of ratings. According to the assessment, Nicaragua has made some significant strides in combating money laundering and terrorist financing, but still falls short in several key areas.

Compliance Ratings

The report highlights that Nicaragua is largely compliant (LC) with Recommendation R.1, assessing risk and applying a risk-based approach, as well as Recommendation R.4, confiscation and provisional measures. However, the country received a partially compliant (PC) rating for Recommendation R.24, transparency and beneficial ownership of legal persons.

Non-Compliant Areas

In other areas, Nicaragua was found to be non-compliant (NC) with Recommendation R.15, new technologies, and partially compliant with several others, including:

• Recommendation R.10, customer due diligence
• Recommendation R.14, money or value transfer services
• Recommendation R.27, powers of supervisors

National Cooperation and Coordination Mechanisms

The report also notes that Nicaragua is still working on strengthening its national cooperation and coordination mechanisms, as well as its regulation and supervision of financial institutions and DNFBPs (designated non-financial businesses and professions).

Government Response

In a statement, the Nicaraguan government expressed commitment to implementing effective anti-money laundering measures, but acknowledged the need for further improvements.

Accessing the Full Report

The full report can be accessed online, providing detailed analysis and recommendations for Nicaragua’s continued efforts in combating money laundering and terrorist financing.