TODAY NICARAGUA – The private sector is questioning the proposal to amend the legislation to create an international financial trade zone that provides financial services “extraterritorially”.
With this long-term project the aim is to modernize legislation “… to make it the same as it is in other countries in order to attract FDI in higher value-added processes,” informed authorities at the Agency for Promotion of Investments and Exports of Nicaragua. However, several sectors in the country are opposed to it, arguing that it would create unfair competition for banks and would only create a “tax haven”.
Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua, said “… If the government wants to create an International Financial Trade Zone, this should not represent unfair competition for domestic banks. ‘This is another thing that we have to be very careful about. It is imperative that there is not unfair competition, not only for the financial welfare of the banks and private institutions but for the financial system ‘. ”
The president of the Superior Council of Private Enterprise, coincided with Arguello … “What we will guarantee is that the position of the private sector is heard and incorporated and on the other hand what we do share fully is that there can not be any type of unfair competition” … He added that “… There can be any situation that undermines what the country has achieved in preventing money laundering. ”
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