Financial Analysis Unit (UAF)
Some of you in business here in Nicaragua need to be aware of this new law. Especially if you are handling money transfers from unknown individuals.
This law was to include the real estate sector but they don't appear to have identified them directly in the law that was passed.
Not trying to make lawyers rich here but, maybe run it by your lawyer for an opinion on how it could affect you. The powers are quite far reaching.
New Law establishes the Financial Analysis Unit (UAF) – The law was approved last week by the National Assembly of Nicaragua. The object of the new unit is to strengthen the existing work being done to fight drug trafficking, organized crime and money laundering.
The decentralized body will analyze information from legal, financial or accounting systems and will study suspicious transactions reports looking for patterns and connections that could indicate criminal activity.
In particular, those required to report directly to the UAF will be; businesses supervised by the Superintendent of Banks and other Financial Institutions, Cooperatives that handle financial resources with its partners, the National Council of Microfinance (CONAMI), foreign exchange houses, pawnshops and loans, companies processing remittances, casinos and amusement arcades, etc.
The law applies to individuals, corporations (domestic, foreign, public or private), parent companies, subsidiaries, affiliates and representative within the country.