The Ministry of Finance and Public Credit, through the Financial Intelligence Unit, can include in the Blocked Persons List any person that incurs in any of the cases set forth in the applicable legal provisions.
The consequence of including a person into the Blocked Persons List is that all financial entities must immediately suspend the execution of any act, operation or service with it, notifying that situation, in writing, to such person and also informing the legal provisions and the reason or reasons for its inclusion in such List, and stating that it can appear before the Financial Intelligence Unit to defend its rights.
In that case, the person will have a legal term to defend itself before the Financial Intelligence Unit through the applicable administrative proceeding, whom must issue an administrative resolution stating if the person should be eliminated of the Blocked Persons List or not.
Notwithstanding the foregoing, if the person included in the Blocked Persons List is not informed by the authority of its legal provisions and the reasons for its inclusion in the List, then such person could start a legal proceeding to know them, in order to be able to prepare its defense in the administrative proceeding before the Financial Intelligence Unit.
For this reason, it is important to have an appropriate defense in the administrative proceeding to achieve that the Financial Intelligence Unit eliminates such person of the Blocked Persons List, as well as to avoid that the case has implications in another legal proceeding of a different nature.
Due to the fact that the Financial Intelligence Unit has recently included diverse companies and individuals in to the Blocked Persons List, we deem important to inform our clients and to the general public that our firm has experience in that kind of administrative cases that requires a prompt and proper defense to achieve that the persons are eliminated from the Blocked Persons List, as well as to provide preventive advice to persons in order to avoid its inclusion in such List.
Should you have any questions or comments regarding the foregoing, please do not hesitate to call your usual contact in the Firm.
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