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 CFTpurposes. The introduction of a new declaration form should facilitate the implementation of the declaration system for AML/CFTpurposes. 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/CFTpurposes, is being evaluated.
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