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 exchanged.
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 in SIRIEFI.
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.
Lindsay Sykes: firstname.lastname@example.org
Estefanía Paz: email@example.com