2024-07-06 09:23:41
Assemblywoman María Mercedes Erbs provided crucial details about the report for the second debate of the new Organic Law for the Prevention, Detection and Combat of the Crime of Money Laundering.
This bill, which will replace the regulations in force since 2016, introduces advanced measures to monitor the financial and non-financial transactions of politically exposed persons (PEPs).
Key Measures of the New Law
- Enhanced Due Diligence:
- The regulations require supervisory institutions, such as the Financial and Economic Analysis Unit (UAFE), to carry out continuous monitoring of PEP operations. This measure is applied independently of the risk analysis of each obliged subject.
- Expanded Coverage:
- The surveillance will include judges, public defenders, high-ranking military and police officers, directors of social rehabilitation centers, managers and directors of customs and airports, elected dignitaries, and state contractors.
- Control over Virtual Assets:
- The new law addresses the control of virtual currencies, such as bitcoins, allowing the identification and monitoring of transactions potentially linked to money laundering.
- Creation of the “Conclave” Council:
- This council, headed by the secretary of the UAFE, will include officials from various institutions to coordinate the fight against money laundering.
- Appointment of the Director of the UAFE:
- The director must have a technical profile, a high school degree and at least four years of experience in money laundering. He or she will be appointed by the National Assembly from a list of three candidates sent by the President of the Republic.
Application Expectations
During a recent interview on Radio Sucesos, Assemblywoman Erbs stressed the importance of this legislation for the national economy and its potential to prevent unjustified increases in the assets of public officials. She also emphasized that the law is not intended to be a tool for persecution, but rather for control and transparency.
“Intensified due diligence will allow for more effective control over unjustified increases in assets, especially in sectors where it had not been previously implemented,” Erbs explained. He also highlighted that the regulations prohibit transactions in cash or precious metals exceeding $10,000 without traceability, strengthening the fight against money laundering.
Legislative Perspectives
Assemblywoman Erbs was optimistic about the approval of the bill in the full Assembly. “I believe that not only will we have the necessary votes, but we will approve it unanimously. This law has been handled in a technical manner and with contributions from all parties,” she said.