NICARAGUA’S FIFTH AML/CFT FOLLOW-UP REPORT

On 21 January, GAFILAT, the FATF-0style regional body, released a follow-up report on Nicaragua, adopted at a Plenary on 3 December.  It analyses the country’s progress in addressing technical compliance deficiencies identified in its original Mutual Assessment Report.  The Nicaragua’s Mutual Evaluation Report (MER) was adopted in July 2017 and this follow-up report analyses the progress made by Nicaragua in addressing the technical compliance deficiencies identified in its MER.  New ratings are granted when sufficient progress is observed.  Overall, the expectation is that countries have addressed most, if not all, technical compliance deficiencies before the end of the third year since the adoption of their MER.  This report does not address Nicaragua’s progress in improving its effectiveness.  A subsequent follow-up evaluation will analyse the progress made on effectiveness, which may eventually result in a new rating of the Immediate Outcomes.  Nicaragua was placed in enhanced follow-up following the MER.  Nicaragua has made progress in addressing its technical compliance deficiencies identified in the MER in relation to Recommendation 14 – Money or Value Transfer Services (MVTS), originally rated PC and now LC; Recommendation 35 – sanctions, originally rated PC and now LC.  It is said that, in general, Nicaragua continues making important progress in relation to addressing the technical compliance deficiencies identified in its MER but that changes to Recommendation 15 (new technologies) have not yet been addressed and it was therefore re-rated as NC (non-compliant).  Nicaragua will continue in the enhanced follow-up process and will continue to report to GAFILAT on the progress made to strengthen its implementation of AML/CFT measures.

https://www.gafilat.org/index.php/es/biblioteca-virtual/miembros/nicaragua/informes-de-seguimiento-11/4005-5th-fur-and-re-rating-report-nicaragua/file

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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