With 57 votes in favor and zero votes against, El Salvador’s Legislative Assembly approved a new law against money laundering that makes current regulations more flexible. Its name is “Special Law on the Prevention, Control and Punishment of Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction”.
The regulations introduce important changes, including reducing the number of compulsory subjects from 20 to 10. This includes digital asset and Bitcoin service providers. (BTC).
Turning around, this is Increases the limit on the amount of cash to declare to $15,000 (USD). Additionally, it is introducing an inter-agency cooperation system to strengthen the prosecution of financial crimes.
Lawmakers from the New Ideas Party stressed that the law will promote competitiveness, eliminate overregulation, protect financial inclusion and prevent natural and legal persons from being excluded from financial products and services because of their journalistic background or internal listings.
Nuevas Ideas Vice-President Caleb Navarro said the new law strengthens the nation’s ability to fight threats that undermine our economy, and praised the inclusion of digital services and Bitcoin in the mandate, believing it focuses regulation on the country’s real risk actors.
The law aims to fulfill El Salvador’s commitment to the International Monetary Fund (IMF) and Recommendation 15 of the Financial Action Task Force (FATF), establishing and ensuring the inclusion of virtual assets in anti-money laundering regulations, similar to other Latin American countries reported by CriptoNoticias.