The El Salvadoran Legislative Assembly has approved a new law against money laundering that will make current regulations more flexible. Its name is “Special Act on the Prevention, Control and Punishment of Money Laundering, Terrorist Financing and the Proliferation of Weapons of Mass Destruction.”
The regulations introduce significant changes, such as reducing mandatory subjects from 20 to 10. These include digital assets and Bitcoin service providers. (BTC).
By the way, this Increase your declared cash limit to $15,000 (USD). Additionally, it has introduced interagency cooperation systems to strengthen prosecution of financial crimes.
Lawmakers from the New Ideas Party emphasized that the law promotes competitiveness, eliminates overregulation, protects financial inclusion and prevents natural people and corporations from being excluded from financial products and services due to their journalist background and internal listings.
Caleb Navarro, deputy leader of the Nuevas Ideas, believed the new law would strengthen the nation’s ability to combat threats that would undermine our economy, praised the mandatory inclusion of digital services and Bitcoin, and placed a regulatory focus on the country’s true risk actors.
The Act aims to implement El Salvador’s commitment to the International Monetary Fund (IMF) and recommendation 15 of the Financial Action Task Force (FATF) and establishes and ensures that anti-money laundering regulations include virtual assets, like other Latin American countries reported by CriptoNoticias.
