With the new reform, the UAF will be able to obtain information on remittances, freeze funds and report suspicious senders to the police Q24N — The Daniel Ortega regime ordered the reform of the Law Against Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction (Law 977) and the Law of Financial Analysis Unit (Law 976), with which it will increase the control and surveillance of remittances that arrive in Nicaragua. In the case of the Law on Money Laundering, in the statement of reasons, the regime indicates that with the new modification, a redistribution of supervision is made in which information will be requested from the originators and recipients of family remittances. “Supervisors are required to establish standards for obtaining information on originators and beneficiaries of electronic transfers, remittances and virtual asset service providers,” the document states.
In effect, with the new reform, the UAF will be able to obtain information on remittances, freeze funds and report suspicious senders to the police. It adds that it clearly defines that Financial Groups must implement their risk prevention programs for the entire Group, including all their branches, subsidiaries, majority-owned affiliates and representative offices abroad. “The reforms in general are intended to integrate changes in international standards, as well as to overcome gaps that could be improved, identified during the ongoing evaluati.