Banking Banks Banking Authority (Guatemala) banking system bank Édgar Barquín Banks and Financial Groups Law Bank of Guatemala Guatemala Congress bank credit banking secret Banco Americano S.A. Banco FICOHSA Banco G&T Continental Banco Industrial - BI Capital Corporation

Guatemala prepares for Banking law reform

The Superintendence of Banks (SIB) will present the reforms to the Law of Banks and Financial Groups to Congress in March.

Wednesday, February 4, 2009

©image: Max Braun

PRENSALIBRE.com reports: "According to the head of SIB, Edgar Barquin, the new amendments, which are still being fine tuned, will provide more power to the entity supervising the financial system, to the Monetary Board, and other boards, to deal with resolutions for banks that have been taken over."

Source: prensalibre.com

Key entities

Édgar Barquín Banking Authority (Guatemala)

Countries

Guatemala

Insight

banking system bank Banks Banks and Financial Groups Law Banking

Reforms Presented for Banking Law

July 2009

Guatemala's banking Superintendence presented reforms to the Banking and Financial Groups Law.

Proposed changes to current legislation include the exemption on paying value added tax and notarial seals on sales or purchases of loan portfolios between banks and a $12.500 balance requirement for opening an Off Shore account.

Guatemala: Banking Law to be Reformed in November

October 2009

The commission studying the law project in Congress could approve it in November.

The initiative, presented by the Banking Superintendence, intends to reform thirteen articles while adding six to the Banks and Financial Groups Law, and modify one item from the Organic Law of the Central Bank of Gutemala (Banguat).

Bank Secrecy Could End in Guatemala

November 2009

The country's tax authority would be able to access taxpayer's banking accounts.

This modifications are being included in a law project proposed by the Banking Superintendence (SIB) and the Tax Authority (SAT).

"The proposed bill seeks to fight tax evasion and money laundering as well as getting Guatemala out of OECD's tax-haven 'gray-list'", explains Elperiodico.com.gt.

Guatemalan Banking Law Moves Forward

February 2010

The economy committee of Congress approved a series of changes to the Banking and Financial Groups Law.

The new regulation would come into effect on January 2011. It “obliges banks to hire risk rating companies, limits loans to shareholders, imposes off shoring limits, gives more power to exclusion boards, increases contributions to the Saver Protection Fund (Fopa) and removes value-added tax when purchasing banking portfolios”, reported Sigloxxi.com.

close (x)