Nicaragua's measures to combat money laundering and terrorist financing

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MUTUAL EVALUATION REPORT OF THE REPUBLIC OF NICARAGUA

GAFILAT completed its assessment of Nicaragua's anti-money laundering and counter-terrorist financing (AML/CFT) system. The assessment is a comprehensive review of the effectiveness of Nicaragua's ' AML/CFT system and its level of compliance with the FATF Recommendations. The mutual evaluation report was adopted at the GAFILAT Plenary in July 2017, following which, the report was subject to a quality and consistency review. 

Nicaragua has made important efforts to understand its risks and has completed the ML/TF National Risk Assessment (ML/TF NRA), and on that basis and on that basis, it has developed a National Strategy and AML/CTF National Action Plan (NAP). Authorities have conducted efforts for combating ML related to its main threats: drug-trafficking and organized crime.

The findings of this assessment have also been reviewed and endorsed by the FATF. 

GAFILAT - Mutual Evaluation of Nicaragua- 2017

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GAFILAT-MER-Nicaragua-2017.pdf
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EVALUACIÓN MUTUA DE LA REPÚBLICA DE NICARAGUA

Filename
GAFILAT-MER-Nicaragua-2017-Spanish.pdf
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3 MB
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application/pdf
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Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Nicaragua Mutual Evaluation 2017

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
PC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
PC
R.11 - Record keeping
PC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
LC
R.15 - New technologies
NC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
PC
R.21 - Tipping-off and confidentiality
PC
R.22 - DNFBPs: Customer due diligence
NC
R.23 - DNFBPs: Other measures
NC
R.24 - Transparency and beneficial ownership of legal persons
NC
R.25 - Transparency and beneficial ownership of legal arrangements
NC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
NC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Nicaragua Mutual Evaluation 2017

IO1
ME
IO2
ME
IO3
LE
IO4
ME
IO5
LE
IO6
ME
IO7
ME
IO8
SE
IO9
ME
IO10
ME
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Related materials

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system
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The 2022 and 2013 Methodologies for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT/CPF Systems

These documents are guides intended for use by assessors who are tasked with conducting a mutual evaluation. They provide a structured framework of analysis that ensures a level of consistency and high quality of the mutual evaluation reports produced. Latest update: August 2024