T o our clients in general:
That the Instructions of the Financial Investigation Unit – hereinafter FIU – called “Prevention, Detection and Control of Money Laundering and Asset Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction”, published in the Official Gazette No. 205, Volume 433 dated October 27, 2021, will become effective next June 7, 2022.
In compliance with Article 2 of the Anti-Money Laundering Law, and Article 83 of the FIU Instructions, all non-profit entities that are registered in its Registry, and those in the process of registration, in addition to the required documents of their financial information, the FIU through its recently issued communiqué, requests that the following information must also be submitted:
Proof of registration of the entity, manager or compliance office before the Financial Investigation Unit of the Attorney General’s Office of the Republic.
Minutes of the appointment of the Compliance Officer and alternate, and each time there is a change of them.
It is worth mentioning that each non-profit association and foundation, in addition to complying with the above mentioned requirements, must additionally comply with the obligations defined in article 84 of the Financial Investigation Unit Instructions, among which are:
Maintain information on the purpose and objectives of its stated activities; and the identity of the persons who own, control or direct its activities, including high-level officers and board members.
Adopt appropriate controls to ensure that all funds are fully accounted for and used in a manner consistent with the purpose and objectives of the association’s or foundation’s stated activities.
Take reasonable steps to confirm the identity, background and good standing of its beneficiaries.
Retain for a period of at least fifteen years, records of domestic and international transactions that are sufficiently detailed to verify that funds have been received and spent in a manner consistent with the purpose and objectives of the association or foundation.
Should you require any additional support on the requirements and obligations detailed in this document, our litigation and AML department is at your disposal to attend any related requirement, please contact the following emails: email@example.com. and firstname.lastname@example.org.