Guatemala

New Documents

GAFILAT Publishes Follow-Up Evaluation of Guatemala

The Financial Action Task Force of Latin America published a Third Enhanced Follow-up Report on Guatemala, concluding that the jurisdiction has made improvements with regard to the Financial Action Task Force’s Technical Recommendations 15 and 16.

October 23, 2018

EU Expresses Disappointment With Guatemala’s Decision to End Anti-Corruption Commission

Maja Kocijancic, the European Union’s spokesperson for Foreign Affairs and Security Policy/European Neighbourhood Policy and Enlargement Negotiations, issued a statement on Guatemala’s decision not to renew the International Commission against Impunity in Guatemala mandate past 2019.

September 4, 2018

Vice President Pence, Guatemalan President Discuss Anti-Corruption Efforts

June 15, 2017

GAFILAT: Guatemala Should Improve Controls Against Terrorist Financing (in Spanish)

November 17, 2016

White House: Northern Triangle Leaders Discuss Cooperation on Transnational Criminal Organizations

September 25, 2016

News

Weekly Roundup: FinCEN Revokes Banco Delta Asia Blacklisting, US Prosecutors Target Kolomoisky Properties, and More

OFAC slaps sanctions on Carrie Lam, other Hong Kong officials, Wirecard execs may have embezzled $1 billion, and more, in the weekly roundup.

August 7, 2020

Midweek Roundup: New Jersey Bank Handled Venezuelan Funds, Deutsche Bank Flagged Jeffrey Epstein, and More

EU calls for tighter AML supervision, Malta fails Moneyval evaluation, and more, in the midweek roundup.

July 24, 2019

Weekly Roundup: Baltic Banks Still Vulnerable to Illicit Finance, Latvia to Oust Top AML Regulator, and More

June 14, 2019

Midweek Roundup: US Lawmakers Urge Probe of Quashed Trump SARs, Deutsche Bank Assesses Transaction Monitoring Failure, and More

May 22, 2019

Weekly Roundup: Shell Company Purchases of Florida Real Estate Plummet, Danske Bank Pledges Forfeiture, and More

July 20, 2018

Enforcement Actions

0 Items Found

Key Documents

Guatemala Introduces Anti-Money Laundering Law

December 11, 2001

Guatemala Enacts Counter Terrorist Financing Law

September 26, 2005

Guatemala Implements Asset, Property Forfeiture Mechanisms (in Spanish)

December 29, 2010

Guatemala Issues Suspicious Transactions Reporting Regulations

April 17, 2002

Guatemala Publishes Counter Terrorist Financing Regulations

March 2, 2006

Guatemala Releases Asset Forfeiture Regulations (in Spanish)

August 12, 2011

Important Facts

  • The U.S. State Department labels Guatemala as a major money laundering country. The country serves as a key transit route for South American cocaine, heroin and synthetic drug precursors destined for the United States and for cash returning to South America. While it has shown some incremental improvements in the ability to investigate and prosecute money laundering cases, challenges remain related to the investigation of corruption, extortion and drug trafficking offenses. Other sources of laundered funds include human trafficking, commerce of other illicit goods, institutional corruption and tax evasion. Money is often laundered through small transactions below the $10,000 reporting transaction either in small banks along the Guatemala-Mexico border, or by travelers carrying cash to other countries. Money is also commonly laundered through real estate transactions, ranching and the gaming industry. The Central America Four Border Control Agreement among El Salvador, Guatemala, Honduras and Nicaragua allows citizens to enter each country without passing through immigration or customs inspection, making the area vulnerable to the cross-border movement of contraband and illicit proceeds. Casinos and games of chance operators in the country also remain unregulated. Despite Guatemala’s improved anti-money laundering legal framework and efforts to improve due diligence for politically exposed persons, the country has major deficiencies regarding to supervision of designated non-financial businesses and professions. From Jan. 1 through Nov. 6, 2019, Guatemala filed money laundering charges in 179 cases and obtained 87 convictions.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 16 High : 0
Largely Compliant : 15 Substantial : 4
Partially Compliant : 9 Moderate : 7
Non-Compliant : 0 Low : 0

Guatemala's technical compliance was re-rated in a Oct. 4, 2018 follow-up report

BASEL i

Rank : 72/141
Score : 5.1/10

TRANSPARENCY INTERNATIONAL i

Rank : 146/180
Score : 26/100

Tax Justice Network i

Rank : 69/133
Score : 74/100