Designation of CENCOEX for Inspecting and Auditing the Foreign Currency Administration Regime
Resolution No. 038 of May 28, 2015, issued by the Ministry of the Popular Power for Economy and Finance, was published in Official Gazette No. 40.670 of May 28, 2015. Said Resolution designates the National Center of Foreign Trade (Centro Nacional de Comercio Exterior - “CENCOEX”), in its capacity as administrative authority, to carry out the inspection and audit of the foreign currency administration regime, as well as to exercise the penalizing power in the area of foreign exchange matters (the “Resolution”).
In the fulfillment of the above functions, the CENCOEX must present, at the time when it is required, the report on all of the steps and processes carried out to the Ministry of the Popular Power for Economy and Finance.
The CENCOEX, in order to apply the penalties in the area of foreign exchange matters, must observe the Penalizing Proceeding of Commencement, Carrying out of Procedural Steps, and Termination (Procedimiento Sancionatorio de Iniciación, Sustanciación y Terminación), prescribed in the Decree with the Status, Value, and Force of Law on the Exchange Regime and its Unlawful Acts.
The proceedings related to the exchange regimes in progress at the General Directorate of Inspection, Audit, and Public Property (Dirección General de Inspección, Fiscalización y Bienes Públicos) of the Ministry of the Popular Power of Economy and Finance will be forwarded to the CENCOEX. Also, the processes already commenced will continue to be fully valid. The provisions of the relevant laws must be immediately applied to the rest of the proceedings in progress. CENCOEX is entrusted with the procedural continuity and decision of the same.
The Resolution became effective upon its publication in the Official Gazette.
In order to access the Resolution, please click here.
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