Ongoing Training, Guatemala towards the 4th Round

Training regarding New FATF Recommendations

As part of  Guatemala’s efforts, to continue strengthening its AML/CFT structure, the Intendencia de Verificación Especial (IVE Intendency for Special Verification) of the Superintendent of Banks of Guatemala, organized a seminar for their Officials, with regards to the International Standards on Combating the Laundering of Money and the Financing of Terrorism and Proliferation, issued in 2012 (New Recommendations).

The Seminar was held from the 17 to the 19th of July, 2013 and focused on the major changes and challenges that the new FATF Recommendations and their Interpretative Notes present, as well as case studies.

The seminar was delivered by Mrs. Diana Firth and Mrs. Alejandra Quevedo, Executive Deputy Director and Legal Adviser of the CFATF, respectively, with the enthusiastic participation of Analysts, Supervisors and various officials of the IVE.

All CFATF and FATF Member countries should be evaluated with regard to the level of compliance and effectiveness of their AML/CFT systems, with respect to the FATF Recommendations. The 4th Round of these assessments at a global level, country by country, is about to begin and although Guatemala will not be assessed immediately, this training initiative contributes to the preparation of preliminary steps to that end.

Guatemala: End of the CFATF Third Round Follow-Up Process & CFATF International Cooperation Review Group (CFATF ICRG) Monitoring

The CFATF held its XL Plenary in San Salvador, El Salvador during the week of November 23-28, 2014, during which time four (4) Member countries exited the Third Round Follow-Up Process, completing all their reporting requirements, while one (1) Member country exited the CFATF ICRG monitoring process.

JURISDICTIONS EXITING THE FOLLOW-UP PROCESS

The November 2014 Plenary recognised that Guatemala had made significant progress in addressing the deficiencies identified in their 2010 Mutual Evaluation Report and therefore could exit the follow-up process.

Guatemala has substantially improved the level of compliance in the Core and Key Recommendations 3, 5, 23 and Special Recommendations I and III, by implementing measures that effectively address all deficiencies identified in the Mutual Evaluation Report.

Additionally, the level of compliance was increased with respect to Recommendation 1, 10, 13, 26, 36, 40 and Special Recommendations II, IV and V, previously rated as LC. All deficiencies in R.6, R.7, R. 8, R. 22, R. 27, R.30, R.31, R.32, R.33 and R .38 were virtually rectified. In addition, progress was made in compliance with R.12, R.16, R.17, R.24, and Special Recommendations VIII and IX.

Guatemala 5th Follow-Up Report, which was presented at the November 2014 Plenary contains a detailed description and analysis of the actions taken by Guatemala rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC as well as a summary of progress in other Recommendations, in the 2010 Mutual Evaluation Report.

Guatemala Fourth Mutual Evaluation in the prevention of money laundering and terrorist financing

The Attorney General of the Republic and Chairman of the Caribbean Financial Action Task Force (CFATF), Lic. Luis Antonio Martinez, participated in a work meeting in Guatemala City on May 11, 2015, regarding the mutual evaluation in the prevention of money laundering and financing of terrorism in that country. Within the agenda, the Salvadoran official also met with the Monetary Board of the country.

The evaluation is being coordinated by the Financial Action Task of Latin America (GAFILAT) with the participation of the CFATF. Guatemala is a member of both organizations.

GAFILAT is a regionally based intergovernmental organization similar to the CFATF, which in this case brings together 16 countries in South America, Central America and North America to combat money laundering and terrorist financing