The Sandinista political operators used as deputies and their collaborators approved this Thursday, December 26, the new “Law of administration of the monetary and financial system” with which the dictatorship groups the Central Bank of Nicaragua (BCN) and the Superintendence of Banks and Other Financial Institutions (SIBOIF). In addition, what little was left of customer data protection under banking secrecy disappears.
With 89 votes in favor, in an extraordinary session, the Sandinista legislators and their stilt-walking collaborators, in the same act, gave their combined approval to the opinion issued by the Economy, Production and Budget Commission and the new Law in general, according to It was ordered by the president of Parliament, the sanctioned Gustavo Porras.
Immediately afterwards, the FSLN agent, in charge of the National Assembly, ordered the vote on the Law in particular, chapter by chapter.
End to banking secrecy
The new provision of the dictators Ortega and Murillo was presented for commission opinion on December 23, in the middle of the “legislative recess.” With this Law, the Organic Law of the Central Bank and the SIBOIF Law are repealed and integrates these two institutions that were previously independent of each other under a single legal regulation.
Among the most dangerous impositions of the approved legislation is what is established in article 24, which dictates that “the offices or agencies of the public sector are obliged to provide the information that the Central Bank or the Superintendency requests from them with statistics and in the exercise of their functions.
Likewise, it establishes that “every natural or legal person or person with residence or domicile in the country, in Nicaraguan territory, whether national or foreign, is obliged to provide the Central Bank and the Bank Superintendency or the entities or persons designated by them, the economic, financial, statistical and regulatory information requested in the established formats and deadlines.
The dictatorship’s regulations try to mask the method of surveillance of individuals’ finances by ensuring that “the Central Bank and the Superintendency will maintain the protection of this information based on the law of the matter.”
But to complete its intention of repressive control, the regulations indicate, in article 136, referring to the “sending of reports” that “the Superintendency may instruct banks, non-banking financial institutions and financial groups, to send reports and necessary information.” to check the state of their finances and determine their compliance with the laws, regulations and provisions to which they are subject, which must be delivered by them without alleging reservations of any nature.
They will force institutions with the Police to provide information
These provisions, according to analysts, bury banking secrecy and threaten banks with police support to hand over customer data.
To leave no doubt that this is a repressive measure, article 137 establishes that “the Superintendency may require the assistance of the public force if it encounters resistance in the fulfillment of the supervision, inspection and surveillance functions under its charge. For these purposes, the public force will be obliged to provide the Superintendency with all necessary assistance without prejudice to the legal responsibilities incurred by the offenders.
