Tuesday, September 14, 2010

Limit for Cash Transactions Lowered to $3,000 in Guatemala

From Central America daily news 14 September 2010

Limit for Cash Transactions Lowered to $3,000 in Guatemala

The Guatemalan Banking Superintendent (SOB) set in $3,000 the limit for transactions in cash without justifying the origin of the funds. From October on, the people that carry out money transfers over $3,000 should justify where the money comes from.

more:

Politics & Government
Limit for cash transactions decreased to $3,000

Topics::
Banking Authority (Guatemala), Edgar Barquín, Money Laundering, Prevention of Money Laundering, Banking, Government, Guatemala

©image: Daniel Borman

Tuesday, September 14, 2010
The Supervision of Banks (SOB) of Guatemala, set in $3,000 the limit for transactions in cash without justifying the origin of the funds. From October on, the people that carry out money transfers over $3,000 should justify the origin of the funds.
"The purpose of limiting the income of currencies in cash in the national financial system pretends to detect, in a more effective way, any monetary transaction that can have some criminal origin", indicated Edgar Barquín, holder of the SOB, to Elperiodico. com. gt

The new regulation also applies to financial companies, Exchange Money Houses and other banks.

Read more at the source article by Luis Lima Sanchinelli (only in spanish)

Related resources

Guatemala Unveils Committee Against Money Laundering - May 21 10 (56%)

Growing Economies subject to money laundering - Aug 20 08 (53%)

Guatemala to Oversee Prepaid Card Systems - Mar 9 10 (50%)

Guatemala Implements Rules Against Money Laundering - Mar 4 09 (49%)

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Panajachel, Lake Atitlan, Guatemala

Panajachel, Lake Atitlan, Guatemala
View of Lake Atitlan and volcano from my apartment balcony in Panajachel. Taken by Catherine Todd June 2008.