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EL SALVADOR - EXTENSION TO THE ENTRY INTO FORCE OF THE NEW INSTRUCTIONS OF THE FINANCIAL INVESTIGATION UNIT OF THE ATTORNEY GENERAL'S OFFICE (FIU)

Nov/2021

By resolution of the sixteen hours of November 24th, 2021, the Attorney General approved a six-month extension to the entry into force of the new Instructions for the Prevention, Detection and Control of Money and Asset Laundering, Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction, period that, according to that resolution, will be counted from December 7th, 2021, and will end on June 6th, 2022.

 

However, the resolution clarifies that such extension will not be applicable to the provisions of Title II, Chapter IV, Articles 24 to 26 of the Instructions, referring to measures on the initiation or continuity of contractual relations with clients or counterparties; nor to the deadlines established in Articles 85 to 91 of the Instructions, related to the preparation of forms that the FIU must issue for the report of operations and the registration and technological development that must be implemented by the Obliged Subjects, so that the expressed provisions will enter into force as originally planned, that is, on November 26th, 2021.

 

We consider it important to mention that the extension granted has taken place at the request of the Salvadoran Banking Association, the American Chamber of Commerce of El Salvador and the Chamber of the Textile, Clothing and Free Zones Industry of El Salvador, who, on behalf of the Obligated Subjects belonging to the sector they represent, expressed the need to have a longer term,  with respect to the entry into force of the Instructions, which allows the implementation of the administrative, structural and technological changes that derive from it.

 

We remain at your service for any query or requirement related to the implementation of this Instruction.

 

Fernando Montano
Partner

fernando.montano@ariaslaw.com


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