Government to mandate greater oversight of non-profits

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Non-profits will face different rules under a proposal being crafted by two ministries. Non-profits will face different rules under a proposal being crafted by two ministries. Expandir Imagen
Non-profits will face different rules under a proposal being crafted by two ministries. Tomado de Youtube.

The Executive Body is preparing an executive decree to increase the control of non-profit organizations in the country and thus prevent them from being used to launder money.

The initiative, announced through a statement, is a joint proposal between the ministries of Government (MinGob) and Economy and Finance (MEF).

"The MEF and MinGob are preparing an executive decree to strengthen the processes of these organizations in the area of transparency since their creation and during their life as legal entities, in compliance with the recommendations of the Financial Action Task Force [FATF]," said the document.

According to the statement, the change also seeks to grant non-profit agencies greater access to legal aid, especially for those with limited resources. It also eliminates the need for a physical location.

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