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International Monetary Fund

to the system in place, the current declaration form seems to be more aimed at currency controls and does not seem very useful for AML or CFT purposes. The introduction of a new declaration form should facilitate the implementation of the declaration system for AML/CFT purposes. The applicable ministerial order and the law are silent on the methods to use to inform people about their obligation to report the transportation of cash or monetary instruments above a certain threshold, which raises a real issue of effectiveness of the measures in place. Again, the

International Monetary Fund. Western Hemisphere Dept.

identification of shareholders and beneficial owners of incorporated companies for AML/CFT purposes, is being evaluated. Trade Policy Honduras and Guatemala are part of a customs union that went into effect in 2016 and allows free circulation of around 80 percent of goods traded between the two countries; El Salvador joined the union in August 2018. The customs union will support greater integration among these countries. Honduras is also strengthening its ties with Asia-Pacific economies, recently finalizing a free-trade agreement (FTA) with South Korea that is likely