Financial Information Act Concerns Employers

A bill that would infringe the privacy of information relating to citizens and business has risen alarms in the Superior Council of Private Enterprise.

Thursday, May 10, 2012

The future Financial Analysis Unit (UAF in Spanish) would have excessive discretion to request information from public and private entities, said President of the Superior Council of Private Enterprise (COSEP), Jose Adan Aguerri.

The leader also stressed the need to curb the excessive powers that the UAF would have, as this will prevent affecting the constitutional rights of Nicaraguans who would be threatened if the legal opinion becomes law, reported Laprensa.com.ni.

"What we have told the government technical team is that this can not be a unit to investigate all Nicaraguans, but it must investigate people who cause red flag alerts," said Aguerri.

More on this topic

Bank Details Without a Warrant

April 2012

Banks in Costa Rica must provide customer’s banking information directly to Costa Rican Drug Institute when requested by the office.

Financial institutions must provide people’s banking data to the Financial Intelligence Unit (FIU) on request, as prescribed by executive decree. The FIU is a department of the Costa Rican Drug Institute (ICD).

Guatemala: Banking Authority Launches New Agency

August 2010

The Guatemalan Banking Regulator (SIB) has opened a new information office in the Quetzaltenango region.

The new office's objectives will be to, "supervise the financial system in order to improve economic stability, gather intelligence and information relating to money laundering, as well as provide financial education and other services to the public," the banking regulator, Édgar Barquín, told Prensalibre.com.

IOSCO Suspends Panama

October 2014

The International Organization of Securities Commission has suspended the country's right to vote as a member because it has not yet signed the agreement to provide information on stock market investigations.  

The IOSCO's decision to suspend voting rights for the country as a member of the organization comes after the entity warned the authorities, repeatedly, about the need for regulation which would provide information to banks and financial institutions from other markets in cases of investigations.

Court in Costa Rica orders bank to hand over information

August 2008

Constitutional Court confirmed that banks in the country are obligated to provide their clients all information concerning their accounts.

The Court ordered the manager of the agency involved to "hand over the information requested from 30 January 2008 to the appellant, as soon as possible" after finding out that money had been taken from his account without his authorization.

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