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Political and business pressure mounts in Guatemala for anti-money laundering law approval
🇬🇹 Guatemala /Crime & Justice

Political and business pressure mounts in Guatemala for anti-money laundering law approval

From Prensa Libre · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Guatemalan President Bernardo Arévalo urged Congress to swiftly approve an anti-money laundering law, warning of potential blacklisting.
  • The country risks being placed on the Financial Action Task Force's (FATF) grey list if the law is not modernized to meet international standards.
  • Various financial institutions and business associations have also called for the law's approval, emphasizing its importance for international reputation and financial dealings.

Guatemalan President Bernardo Arévalo has intensified pressure on Congress to pass a crucial anti-money laundering and terrorism financing law, warning that failure to act could result in the country being placed on an international grey list. The president stressed the urgency during a press conference, urging lawmakers "not to waste time" on the legislation.

Arévalo highlighted the significant risk Guatemala faces of being included in the Financial Action Task Force (FATF) and the Latin American Financial Action Task Force (Gafilat) grey lists. Such a designation would identify Guatemala as a non-cooperative country in combating financial crimes, potentially leading to sanctions and severely damaging its reputation within the international financial community. The country is preparing for its fifth round of Mutual Evaluations by FATF and Gafilat in February 2027, which will assess the effectiveness of its anti-money laundering and counter-terrorism financing (AML/CFT) system.

not to waste time

— Bernardo ArévaloPresident Arévalo's plea to Congress to expedite the approval of the anti-money laundering law.

The call for legislative action has been echoed by numerous influential bodies. The Monetary Board, the Superintendency of Banks (SIB), the International Monetary Fund (IMF), the U.S. Embassy in Guatemala, the Banking Association of Guatemala (ABG), and the Chamber of Finance of Guatemala (CFG) have all expressed the need for modernizing the country's AML/CFT legislation. This broad consensus underscores the widespread recognition of the law's importance for Guatemala's financial stability and international standing.

runs the risk of falling into the grey list

— Bernardo ArévaloPresident Arévalo's warning about the consequences of not approving the law according to international standards.
DistantNews Editorial

Originally published by Prensa Libre in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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