The System for the Compilation of Information from Financial
Entities (SIRIEFI), part of the Integrated System For
Anticorruption Information And Recovery Of State Property (SIIARBE)
began operating on September 1, 2016. SIIARBE is mandated by
Bolivia's Law on the Fight against Corruption, Illicit
Enrichment and Investigation of Wealth (2010) ("LFAC") to
allow relevant entities to exchange information to assist the
Ministry of Institutional Transparency and Fight against Corruption
("MITFC") in corruption investigations and to facilitate
the protection of the confidentiality of the information
SIRIEFI's implementation was coordinated with the Financial
System Supervisory Authority ("ASFI"). Financial
intermediaries regulated by ASFI, as well as brokerage firms and
investment fund administrators and the Bolivian Central Bank
(collectively, "Participant Entities"), must participate
The MITFC, the Attorney General, the Financial Investigations
Unit (part of ASFI), and designated Special Anticorruption
Prosecutors may issue notifications regarding corruption
investigations and related information requests to the Participant
Entities through SIRIEFI. The MITFC may also issue information
requests through SIRIEFI in order to verify current and former
public officials' sworn declarations of assets and income.
Participant Entities must respond to requests made through SIRIEFI
within 15 business days of the request.
The new online system for information exchange is designed to
provide for speedier information gathering in corruption
investigation. The previous process could, in some cases, take up
to six months, in part due to the complications associated with the
hard-copy exchange of information. The Bolivian Constitution
(2009), Financial Services Law (2013) and LFAC establish that
banking secrecy may be lifted to assist in the investigation of
corruption and financial crimes.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
In December 2001 and after over ten years of economic deregulation, the Central Bank of the Republic of Argentina imposed very tight exchange controls. As from the end of the year 2002, the Central Bank has gradually loosened...
Externalization shall include foreign currency holdings in Argentina and abroad as of April 30, 2013.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).