Within the framework of the evaluation of the Group of Financial Action of Latin America (Gafilat) –that up to date is delayed, in principle, until August 2021– and to comply with the 40 recommendations of such institutions, Paraguay, in 2019, sanctioned a number of standards in order to prevent and to sanction crimes related to assets laundering and financing terrorism.
Among these laws, it is the Law 6446/2019, through which it shall be created 2 registries: the “Administrative Registration of People and Legal Structures,” and the “Administrative Registration of Final Beneficiaries.” These registries are in charge of the Ministry of Economics and Treasury, as the application authority and they have the purpose of assuring the existence of suitable, accurate information and in a timely manner about the final beneficiary; and of the legal persons and structures, seeking mechanisms of transparency in the operation of the same ones.
The subjects forced to register themselves and to report are the legal persons, such as limited liability companies, associations, foundations and the other ones regulated by the Civil Code and special laws in the legal matter and the legal structures (trust funds and investment funds).
For the forced subjects incorporated after the date of enforcement of the law in question, govern the term of 45 working days after their incorporation, to file their documents for their registration in the above mentioned registries.
Not complying with the obligation to register themselves and to update their data (15 working days after undergoing a change or annually, and at the latest, on each 30 of June, starting from the fiscal year 2021), arises in strong sanctions, among which we can mention: cancellation of the Taxpayer ID (RUC), impossibility to open bank accounts or to conduct operations in the financial system and until the collection of fines.
Milena Sljivich, BKM | Berkemeyer y Laura Martinez, LyL Consultores | Lisicki Litvin y Asociados.