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: BNP Allegedly Laundered Gabonese Funds, German Report Blames EY’s Lax Scrutiny of Wirecard, and More

Goldman Sachs invests in AML regtech, Crown Resorts executives disregarded AML concerns, and more, in the weekly roundup.

May 21, 2021

Weekly Roundup: JPMorgan Compliance Officer Flagged Corrupt Nigerian Payment, Ernst & Young Ignored Wirecard Red Flags, and More

Wirecard chief operating officer shared links with U.S.-convicted money launderer, Denmark claims EU privacy rules hinder AML compliance, and more, in the weekly roundup.

May 7, 2021

Weekly Roundup: Mexican FIU Ordered to Justify Account Freezes, Crown Resorts Executive Pledges Compliance Overhaul, and More

February 19, 2021

Weekly Roundup: Deutsche Bank Settles Bribery Case, US Officials Place New Controls on Payment Protection Program, and More

January 8, 2021

Weekly Roundup: Goldman Sachs Settles 1MDB Charges, Taiwanese Lender in US Sanctions Evasion Probe, and More

October 23, 2020

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. The country has shown some incremental improvements in the ability to investigate and prosecute money laundering cases, but challenges remain related to the investigation of corruption, extortion and drug trafficking offenses. In Guatemala, 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. In 2019, Guatemala's Public Ministry filed indictments on 53 percent of the money laundering complaints it received, while in 2020 this percentage was 29 percent.
-Source: 2021 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 : 52/110
Score : 5.12/10

TRANSPARENCY INTERNATIONAL i

Rank : 149/179
Score : 25/100

Tax Justice Network i

Rank : 69/133
Score : 74/100