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Nica Briefs – Organized Crime Laws Tightened

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Organized Crime Laws Tightened
The Government has presented a partial reform to the law relating to the prevention of organized crime as it pertains to seized, confiscated and abandoned property. The review will consider the damages caused to third parties that make loans in good faith and later property secured against that loan is seized, or the lender is otherwise affected by any criminal action by the recipient of the loan. The articles that will be changed will outline precautionary measures that the financial institutions need to make in order to secure their rights at a later date. José Adán Aguerri, President of the Superior Council of Private Enterprise (COSEP) supported the move that protects a financial institution from being harmed and respects loans and mortgages made in good faith.

Cuba Joins CABEI
The Central American Bank for Economic Integration has welcomed Cuba into the fold, signing formal documents at the Central Bank of Cuba (Banco Central de Cuba -BCC) in Havana. By joining this multi-lateral regional institution, Cuba can strengthen its existing working relationships with Central American countries and contribute to the economic, social and integration projects financed by the organization. The CABEI was founded in 1960 to promote economic integration and balanced economic and social development for sectors such as production; energy; agriculture; rural, urban and human development; as well as social infrastructure.

NOTE: The CABEI is the funding organization behind “La Costanera”, the Coastal Route or “South Pacific Corridor” being built from the Costa Rica border through San Juan de Sur and up to Masachapa.

Doing Business with Venezuela
The US Embassy has advised its citizens here in Nicaragua to be careful not to get caught up in business dealings with Venezuelans sanctioned by the United States Government. The Embassy advised all American businesses in Nicaragua to review their transactions to ensure they are complying with the Office of Foreign Assets Control (OFAC) which generally prohibist transactions that directly and indirectly involve a “blocked” or sanctioned person. The Economic and Commercial Section at the US Embassy in Managua has the list of sanctioned persons.

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