Guatemala Congress Faces Countdown to Pass Anti-Money Laundering Law Before Recess

The Banking Association of Guatemala (ABG) is closely watching the National Congress as it races against time to approve the comprehensive bill against money laundering and the financing of terrorism. With the legislative recess looming, the banking sector emphasizes the urgency of passing initiative 6593, recognizing the technical work done by the Economy and Foreign Trade Commission and the political efforts of the Directorate. The ABG understands that such a specialized law requires thorough analysis, but they are confident in the seriousness of the process and expect final approval before the end of April.

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The ABG understands that a technical and specialized law, which implies a structural reform in the prevention and repression of money laundering, requires analysis and discussion.

The association highlights that delaying the law beyond April jeopardizes Guatemala's investment grade and negatively affects all economic sectors, particularly those relying on financial services and family remittances. The ABG points out that the countdown for the Mutual Evaluation has begun, leaving no room for further delays. The banking sector is committed to working on the subsequent steps, including developing regulations and training programs, to ensure the country meets the technical requirements for evaluation by the Financial Action Task Force of Latin America (Gafilat).

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The countdown for the Mutual Evaluation has already begun, so there is no room to delay the approval of the regulations.

However, the ABG cautions that technical compliance alone will not suffice for the final evaluation. The effectiveness of the new legal and regulatory framework must also be demonstrated. The association stresses that the coming days in Congress are crucial and decisive for the country's financial standing and economic future.

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Delaying its approval beyond April puts the country at risk, prevents achieving the investment grade, and affects all economic sectors, especially users of the financial system, such as recipients of family remittances.