Título VI. Disposiciones transitorias y finales

For the effective fulfillment of the purpose of this Law, its regulations and other applicable provisions, the competent public entities, departments and institutions shall:

a)Execute the necessary interinstitutional cooperation and coordination agreements or accords that allow them to share information, with no restriction other than those established in the Political Constitution of the Republic of Guatemala and other applicable laws.

b)Establish, within a time limit of no more than two (2) years, from the entry into force of this Law, the systems, mechanisms and procedures necessary so that the information held in the public registers in which individual or juridical persons, as well as property, are recorded may be consulted electronically and remotely by the authorities related to the prevention and suppression of money laundering or other assets and financing of terrorism; as well as by the Obligated Persons established in accordance with this Law registered in the Register of Obligated Persons of the Superintendency of Banks, through the Special Verification Intendancy.

c)Implement the necessary procedures or protocols, as applicable.

The Obligated Persons referred to in Article 3 of the present Law, registered as such with the IVE before the entry into force of the present Law, shall not be required to request a new entry in the register; however, they shall provide the information and documentation necessary to update the data in accordance with the provisions of the regulations and other provisions issued for such purpose.

The Obligated Persons whose registration is in process upon the entry into force of the present Law and who have pending information or documentation to provide shall provide it to the IVE within a time limit not exceeding sixty (60) days, counted from the entry into force thereof, and in case they do not do so, they shall be subject to the provisions of Article 6 of the present Law.

The Obligated Persons referred to in this Law shall adapt their policies, procedures, controls and information systems to enable them to permanently carry out adequate management of LD/FT/FPADM Risk, within the time limit established by the regulations and other applicable provisions.

Files opened and proceedings initiated under the laws repealed hereby shall be resolved on the basis of the laws in force on the date of their commencement and other provisions of the Law of the Judicial Branch, Decree Number 2-89 of the Congress of the Republic.

Companies whose capital is divided into shares, incorporated before the entry into force of this Law, in accordance with the Commercial Code of Guatemala, Decree Number 2-70 of the Congress of the Republic, shall comply, within a maximum time limit of one (1) year counted from the entry into force of this Law, with the obligations established in Article 125 of the Commercial Code of Guatemala and submit to the Mercantile Registry certification of the information referred to in numbers 1) to 3) of the aforementioned Article 125.

The Mercantile Register shall verify compliance with the provisions of this article, in accordance with the procedures and controls it implements for such purpose.

Commercial companies incorporated before the entry into force of this Law, in accordance with the provisions of the Commercial Code of Guatemala, Decree Number 2-70 of the Congress of the Republic, shall register in the Mercantile Registry, within a time limit of no more than six (6) months, counted from the entry into force of this Law, all members of the administrative body, with or without legal representation, in accordance with the procedure established by the Mercantile Register, which shall verify compliance with the provisions of this article, in accordance with the procedures and controls it implements for such purpose.

Upon expiry of the time limit contained in the preceding paragraph, commercial companies that have not complied with the obligation may not carry out any operation in the Mercantile Registry while the application for registration of all members of their administrative body has not been filed.

The CONCLAFT shall meet within a time limit of no more than one (1) month, counted from the entry into force of this Law, for its formation.

Persons who, on the date of entry into force of this Law, have fully served the principal penalty of imprisonment imposed for the crime of money laundering or other assets, and who have additionally served at least two (2) additional years of deprivation of liberty derived from the conversion of the fine penalty, may request before the criminal execution judge the declaration of extinction of the remaining penalty and their immediate liberty.

The execution judge, upon prior verification of the conditions established in this article, shall resolve in a reasoned manner as corresponds in law.

The request shall be processed by incidental proceedings as established in Decree Number 51-92 of the Congress of the Republic, Code of Criminal Procedure.

Within a time limit of no more than thirty (30) days, from the entry into force of this Law, the Superintendency of Banks shall issue a decision based on a report issued by the Special Verification Intendency (IVE), in which the prominent public offices that will cause a person to be considered a Politically Exposed Person (PEP) shall be established in detail, so that the Obligated Persons adopt and implement appropriate procedures regarding the provisions of Article 25, subparagraph (a) of this Law.

From the beginning of the force of this Law, any reference relating to the Law Against Money Laundering or Other Assets contained in Decree Number 67-2001 of the Congress of the Republic of Guatemala and its amendments or to the Law to Prevent and Suppress the Financing of Terrorism contained in Decree Number 58-2005 of the Congress of the Republic of Guatemala, made in general legislation, regulations or other applicable provisions, shall be understood to refer to the Comprehensive Law for the Prevention and Suppression of Money Laundering or Other Assets and of the Financing of Terrorism contained in the present Decree.

The following are repealed:

1.Decree Number 67-2001 of the Congress of the Republic of Guatemala, Law Against Money Laundering or Other Assets.

2.Decree Number 58-2005 of the Congress of the Republic of Guatemala, Law to Prevent and Suppress the Financing of Terrorism.

3.Any other legal provision contrary to that established in this Law.

Within the maximum time limit of six (6) months, counted from the entry into force of this Law, the Superintendency of Banks, through the Special Verification Intendency, shall prepare the regulation of this Law and submit it to the knowledge and consideration of the President of the Republic of Guatemala for its approval, sanction and publication.

This Decree was approved by more than two-thirds of all the deputies comprising the Congress of the Republic, and shall enter into force three (3) months after its publication in the Official Gazette.