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Tag-Archive for "fraud"

Costa Rican Director of Intelligence Resigns Amid Scandal Jun 12

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Solorzano Resigned After His Sub-Director Was Linked to a Fraud Scandal.

The Costa Rican Director of Intelligence and Security (DIS), Roberto Solorzano, resigned from his position yesterday after allegations of bank fraud involving his sub-director. He handed in his resignation yesterday after meeting with the Minister of the Presidency, Rodrigo Arias. They both came to the conclusion that it would be prudent for Solorzano to step down from his position. In his place the Government named the Vice-Minister of the Presidency and Security, Jose Torres. Solorzano had been heading the DIS since May 2006.

These allegations came about after a Nov. 19 raid on the offices of the Head of Operations and Sub-Director of the DIS, Robert Guillen, by the Fraud Prosecutor and Juridical Police. It was seen that Guillen had been part of a mafia group since 2007 that had been falsifying checks and removing funds from company accounts. It is said that the amount stolen was in excess of $400,000. Nine other people were arrested in the raid. more…

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New Rules Limit Costa Rican Offshore Bank Operations May 25

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No More Loopholes for Offshore Banks in Costa Rica.

The Superintendent General of Finances (SUGEF) intends to pass a bill on December 18th highly limiting the operation of offshore banks in Costa rica. Such banks are considered to be foreign owned banks existing in Costa Rica that license their banking to a Costa Rican organization. Until now, these banks enjoyed a large amount of freedom in setting their own interest rates and were not obligated to pay a large tax to the Banco Central de Costa Rica, as national banks are.

The economic authorities voted to restrict the operational activities of offshore banks as they cannot supervise or oversee their monetary control. Currently Costa Rica has six offshore banks operating in Costa Rica of which Scotia Bank and BAC are two of the biggest. more…

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