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LatinNews Daily - 25 August 2021

In brief: Nicaragua approves reforms to banking and financial sector law

* Nicaragua’s national assembly has approved new reforms to the general law of banks, non-banking financial institutions and financial groups, which it says will permit it to comply with commitments made in the framework of the Organisation for Economic Co-operation and Development (OECD) Financial Action Task Force (FATF) and Financial Action Group of Latin America (Gafilat). The changes, which were proposed by the government led by President Daniel Ortega, strengthen the legal framework of sanctions on individuals and legal entities to prevent money laundering, the financing of terrorism, and weapons of mass destruction proliferation. Nicaragua is currently on the grey list of countries the FATF considers non-cooperative in the global fight against money laundering and terrorism financing.

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