FINANCIAL SERVICES ADVISOR a PUBLICATION of the DIALOGUE November 5-18, 2020

LATIN AMERICA ADVISOR FINANCIAL SERVICES ADVISOR A PUBLICATION OF THE DIALOGUE www.thedialogue.org November 5-18, 2020

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Ernesto Armenteros Vice Chairman of the Board, BANKING Banco de Ahorro y Crédito Unión How Important Are Chilean Central Pablo Barahona President & COO, Bank Warns of Global Retail Markets West, Liberty Mutual Group U.S. Remittances for Risks to System Felipe Carvallo The Covid-19 pandemic continues Vice President - Analyst to pose the most significant risk Latin America Banking Cuba’s Economy? Moody’s Investors Service that Chile’s financial system is seeing, the central bank warned. Richard Child Page 2 CEO, Mattrix Group Michael Diaz Jr. ANTI-MONEY LAUNDERING Partner, Diaz, Reus & Targ U.S. Seizes $24 Mn Ernesto Fernández Holmann in Brazil Digital Chairman of the Board, Ayucus Currency Scheme Rich Fogarty The U.S. Department of Justice Managing Director, said it had seized $24 million in Alvarez and Marsal virtual currency at the request of Desiree Green The U.S. State Department in September prohibited U.S. companies from doing business Brazil’s government in connection Vice President, with Cuban military-owned Fincimex, which controls remittances to Cuba. // File Photo: with a large fraud scheme. International Government Affairs, trabajadores.cu. Page 2 Prudential Financial Laura Güemes Cambras Fincimex, the military company that controls remittances Transactions Attorney, to Cuba, said Oct. 27 that it is unwilling to shift the pro- PAYMENTS Holland & Knight cessing of the money transfers to nonmilitary entities and WhatsApp ‘Soon’ Earl Jarrett Chief Executive Officer, Q that new U.S. sanctions will mean the closure of more than to Offer Payments The Jamaica National Group 400 Western Union offices across the island. Western Union has said it Service in Brazil: Thomas Morante is “exploring ways to comply with the new rules,” which go into effect Attorney Campos Neto Carlton Fields in late November. How much have U.S. sanctions curtailed the flow of WhatsApp will “soon” be able to Manuel Orozco remittances to Cuba? What trends will remittances to the country see in launch its payments system in Senior Fellow, Brazil, said the country’s central Inter-American Dialogue coming years, and how will U.S. politics play a role? To what extent does Cuba’s military benefit from its current role in processing remittances? bank chief, Roberto Campos Neto. Adalberto Palma-Gomez WhatsApp had rolled out the Senior Partner, Proxy, Gobernanza Corporativa service in June, but the central bank and the antitrust regulator Rodolfo Pittaluga Fernando X. Donayre, chief investment officer and founder shut it down. Adjunct Professor, of INCA Investments in Miami: “This latest, and last, measure Florida International University Page 3 College of Law of the Trump administration is a continuation of a policy Fabian Saide intended to force regime change via the strangulation of the Founder, CEO and President, A Cuban economy. It is the perpetuation of a hardline policy, that apart Paykii from the opening with Cuba under the Obama administration, has not Roberto Teixeira da Costa Founder & Board Member Emeritus succeeded for 50-plus years. The further shutdown of remittances will CEBRI hurt the Cuban military, as a partner of the Cuban government and the Mario Trujillo CEO, most important economic player on the island, in its ability to control the DolEx Dollar Express country’s hard currency reserves. However, it will once again be the Cuban people that will be most negatively affected by further diminishing their ability to obtain food and other basic goods. This measure will not move the Cuban government any closer to changing its political model, which is underscored by its response to the measure. Instead of resolving this issue by changing the commercial relationship with Western Union from a Campos Neto // File Photo: Brazilian- Central Bank. Continued on page 3

BANKING NEWS country with a very open economy,” said Lagos, NEWS BRIEFS who was in office from 2000 to 2006. Chilean Central Bank Brazil’s Itaú Unibanco Sees Fall in Q3 Profit Warns of Risks to ANTI-MONEY LAUNDERING NEWS Brazil’s Itaú Unibanco, the largest nongovern- Financial System ment lender in the South American country, on U.S. Seizes $24 Mn in Nov. 3 registered a fall in recurring net income The Covid-19 pandemic is continuing to pose Virtual Currency in in the third quarter, driven by a surge of nearly the most significant risk to Chile’s financial 41 percent in its loan-loss provisioning as system, the country’s central bank warned Brazil Fraud Scheme compared to a year earlier, Reuters reported. Nov. 11 in a report, Reuters reported. Amid the The bank’s third-quarter recurring net income, pandemic, financial institutions’ ability to take The U.S. Department of Justice announced which does not include one-off items, was 5.03 action to mitigate the crisis is diminishing, the Nov. 4 that it had seized $24 million in virtual billion reais ($873.87 million), higher than the central bank said, adding that it has already currency at the request of Brazil’s govern- 4.938 billion reais estimate by Refinitiv. expended 40 percent of its assets through ment in connection to a large fraud scheme. August in order to support liquidity and the Brazilian authorities say tens of thousands of country’s credit markets, the wire service Brazilians may have been defrauded of more Uber Begins Taking reported. Low growth that could worsen the than $200 million through the scheme, the Jus- Instant Payments in Brazil economic effects of the pandemic and a tice Department said. Federal prosecutors in dwindling ability of financial institutions to take Brazil have charged several people in the case, in Partnership With Ebanx measures to adapt to the situation are posing known as “Operation Egypto,” according to the Uber Technologies on Nov. 16 began accepting risks that could transform “liquidity problems Justice Department. The seizures of virtual cur- instant payments in Brazil in partnership with into solvency complications,” the central bank rency were related to the alleged involvement payments start-up Ebanx, Reuters reported. said in its Financial Stability Report. “These of Marcos Antonio Fagundes. The Brazilian The service is likely to bring the company new measures were designed to deal with liquidity stands charged with several crimes in his home clients, mainly ones who do not use payment problems temporarily,” the report added. The country, including the operation of a financial cards, Uber told the wire service in an email. central bank also said that concerns have been institution without legal authorization, fraud- Approximately a third of Brazilians lack a bank raised about Chile’s sovereign debt rating due ulent management of a financial institution, account, one of the highest rates in the world. to worsening conditions of balance sheets and misappropriation, money laundering and viola- Uber is initially accepting instant payments a “sustained” increase in public debt. Those tion of securities laws, the Justice Department only through its Uber Cash wallet. Uber’s ride factors are added to a $29 billion package said. A court in Brazil issued a seizure order business will not yet participate in the service, that the government announced and which of virtual currency in the United States that Fa- but its food-delivery service, Uber Eats, will be includes emergency loans and mortgage gundes owned or controlled. From August 2017 added in coming weeks, Reuters reported. deferrals. Some of these government efforts to May 2019, Fagundes and other defendants may have “undesirable effects” that include allegedly solicited money from prospective complications involving the evaluation of credit investors over the Internet and sometimes over risks and interest rate policy, according to the the telephone, and held the money in a way that Jamaica Eying Higher central bank. In addition, the central bank said subjected it to financial institution regulations, Rates Next Year for “changes to the legal framework” could “render with which Fagundes and the others alleged- Property Insurance more difficult the functioning of financial mar- ly failed to comply, the Justice Department kets and the solvency of financial institutions.” said, citing Brazilian court documents. The Premiums for property insurance will rise next Last month, Chileans overwhelmingly voted for alleged scheme involved solicitations for year in Jamaica, according to a top official of a new constitution, a main demand of protest- “innovative investment opportunities” involving the Insurance Association of Jamaica, the Ja- ers that have taken to the streets in Chile since investments in cryptocurrencies, the Justice maica Gleaner reported Nov. 15. The Covid-19 last year. However, some businesses fear that Department added. “The Brazilian court found, pandemic forced large insurers to put premium the changes could stifle investment. In an in- however, that only a very small amount of increases on hold in the Caribbean, but prop- terview Oct. 26 with the Latin America Advisor, funds were invested in cryptocurrencies as erty rates are “definitely going up next year,” former Chilean President Ricardo Lagos said a promised, and very little was returned to the said the official, Sharon Donaldson, who is new constitution would not have negative ef- investors,” the department said in a statement. also managing director of the General Accident fects on the country’s private sector. “Chile is a “To carry out the scheme, the conspirators are Insurance Company.

alleged to have made false and inconsistent FEATURED Q&A / Continued from page 1 promises to investors about the way the funds were invested and exaggerated the rates of military entity to a state-owned bank, Cuban administration’s claims, such as the notion return,” it added. government and military authorities have of political interference throughout the decided they prefer to lose this important hemisphere, seem misplaced given the coun- flow of hard currency rather than looking like try’s greatly diminished regional standing PAYMENTS NEWS they made a concession to the economic and fragile economy. Meanwhile, the Cuban and political pressures exerted by the Trump government’s entrenched position on Finci- administration. Vice President-elect Kamala mex is disappointing but hardly surprising. WhatsApp Will ‘Soon’ Harris has voiced that a Biden adminis- Launch Payments in tration will repeal the restrictions that the Trump administration has imposed on the When formal remit- Brazil: Campos Neto island. We expect a return of a re-engage- tance channels are ment policy that should not be judged on disrupted, we gener- Facebook’s WhatsApp messaging platform will the basis of regime change, but rather by ally see an increase “soon” be able to offer peer-to-peer electronic the strengthening of the voice and power of in informal sending payments in Brazil, the country’s central bank players external to the government hierarchy, mechanisms...” which will improve and better serve the long- chief, Roberto Campos Neto, said Nov. 16, — Julia Yansura Reuters reported. “WhatsApp will start doing term interests of the Cuban people.” P2P soon. I have talked a lot with their CEO, we are making good progress. He has told me Julia Yansura, program manager Fortunately, the impacts of these sanctions that the process [with us] was faster than in for Latin America and the Ca- may end up being short-lived. Many Cuban other countries,” said Campos Neto. “Our only ribbean at Global Financial In- remitters send money home for the holidays; concern is that we must go through all the A tegrity: “Approximately 700,000 this year, we can expect those funds to be approval criteria and that we have a system Cubans in the United States send money sent early, in advance of the rule going into that fosters competition.” The central bank home, totaling $1.5 billion a year in family effect on Nov. 27. And by January, with the chief made the remarks at the launch of the remittances, according to research that I political transition in the United States, the bank’s new “PIX” instant payments system. conducted with Manuel Orozco and Laura rules may change. Early indications suggest WhatsApp launched a payments service in Porras. New U.S. sanctions are likely to that a Biden administration will seek to Brazil on June 15, but the Brazilian central drive much of this flow underground, though normalize relations with Cuba and will walk bank and the country’s antitrust regulator shut overall impacts will depend on how long back many of the Trump administration the service down, saying the system needed the sanctions remain in place. When formal restrictions on family remittances.” to be reviewed for concerns over data privacy remittance channels are disrupted, we gen- and also competition. The central bank has erally see an increase in informal sending Vicki Huddleston, retired U.S. also been in discussions with Google and mechanisms, increased use of in-kind remit- ambassador and former chief of other “big tech” firms about entering the tances (such as parcels of nonperishable the U.S. Interests Section in Ha- South American country’s payments market, goods) and use of third countries as transit A vana: “After four years of rolling Campos Neto added. When asked whether points for financial flows in attempts to hide back former President Obama’s opening to WhatsApp’s payments system would operate their true destination. From an anti-money Cuba, Trump announced measures designed within the central bank’s PIX payments system, laundering perspective, informal remittance to cut off billions of dollars in remittances Campos Neto said there would be room for channels and circuitous sending routes are to the Cuban people. If these measures platforms other than PIX. Approximately 72 highly concerning; funds could end up in the go into effect, millions of Cubans will be million registrations have been opened for PIX, hands of entities far worse than Fincimex. deprived of food and medicines in the midst which was made fully operational on Nov. 16, While Cuba’s human rights record rightly of a pandemic and the recession it has the central bank said. That total includes 30 deserves condemnation, some of the Trump created. How can this administration—or any million individuals and 1.8 million businesses, Continued on page 6 according to a central bank official. The plat- lower costs and encourage competition among according to Pymnts.com. In order to execute form will allow individuals and businesses to financial service providers, said Campos Neto. transactions through the system, users will execute bank transfers 24 hours a day. PIX will The PIX system is an upgrade over the existing need to register “keys,” with their bank or other boost the speed, easy and efficiency of small system, known as SITRAF, which is similar to financial services provider. The keys can be and large financial transactions and will also the wire-transfer system in the United States, information such as the user’s email address or

COPYRIGHT © 2020, INTER-AMERICAN DIALOGUE PAGE 3 FINANCIAL SERVICES ADVISOR November 5-18, 2020 phone number. [Editor’s note: See related Q&A in the July 2-15 issue of the Financial Services ADVISOR Q&A Advisor.] What Path Lies Ahead for Peru’s Sagasti? POLITICAL NEWS

Peru’s Congress on Nov. 16 by new, higher standards. Another cause of Hurricane Iota selected centrist lawmaker the impeachment was legislators’ political Francisco Sagasti as Peru’s new ambitions. One political party was seeking Slams Nicaragua as Q interim president—the country’s amnesty for its imprisoned leader. Others third in a week. Legislators selected Sa- hoped to tilt the 2021 electoral playing field Category 4 Storm gasti, an engineer from the centrist Purple in their favor. Many wanted to overturn the Party, following the Nov. 15 resignation new prohibition against legislators’ re-elec- Hurricane Iota made landfall the evening of of interim President Manuel Merino, who tion. An additional cause was that, given Nov. 16 in Nicaragua, just miles away from stepped down amid violent protests after the brevity of this legislative term (January where Hurricane Eta hit less than two weeks just five days in office. Merino had replaced 2020-July 2021), some strong candidates before, with possible “life-threatening” flooding, President Martín Vizcarra, whom Congress chose not to run in 2020, and many legisla- catastrophic winds and mudslides, CNN removed from office on Nov. 9. Legislators tors are rookies. They reacted intemperately reported. The hurricane is expected to be felt had declared Vizcarra “morally unfit” for to criticism by Vizcarra. They wrongly as- throughout Central America and Mexico’s Yu- office over his handling of the Covid-19 sumed that allegations of corruption against catán Peninsula, as well as Jamaica and as far pandemic and allegations of corruption, Vizcarra would significantly decrease his south as Colombia. The storm hit in the town which he has denied. Newspapers and support; his approval remains above 50 of Haulover in Nicaragua at 10:40 p.m. Eastern analysts have called Vizcarra’s ouster a percent. When what matters to Peruvians is Time as a Category 4 hurricane with maximum “coup,” and the protests it sparked left at that Vizcarra was weakening the ‘traditional sustained winds near 155 miles per hour, least two dead and were the largest in Peru corrupt political class,’ Merino was bringing according to the National Hurricane Center. in two decades. What is at the root of Peru’s it back. Worse yet, Merino enabled repres- Haulover is just 15 miles south of where Eta political instability, and to what extent are sion against largely peaceful protesters had struck. [Editor’s note: See Q&A in the Nov. protests likely to continue and intensify? who hailed from all social classes and all 16 issue of the daily Latin America Advisor.] What will the next five months hold for Peru regions. Soon, the Constitutional Tribunal is ahead of the scheduled April 2021 elec- to rule on the ‘permanent moral incapacity’ Peru’s Congress tions? What implications will the crisis have clause and might catalyze the restoration of for the country’s already hard-hit economy Vizcarra. (This clause is vague, but it is the Selects Sagasti as and investment climate? same clause that enabled the impeachment of Alberto Fujimori and the impeachment Interim President Cynthia McClintock, profes- threat against Pedro Pablo Kuczynski.) More sor of political science and likely, legislators will elevate a more respect- Peru’s Congress on Nov. 16 chose Francisco international affairs at The ed member of their ranks. Meanwhile, the Sagasti, a centrist lawmaker and technocrat, George Washington University: instability is worsening Peru’s economic as the country’s new interim president. A A “The root cause of the impeachment was crisis and investment climate and turning 76-year-old former World Bank official, Sagasti elites’ pushback against Vizcarra’s anti-cor- attention away from the pandemic, which is the country’s third president in a week, ruption reforms. Vizcarra championed the has hit Peru exceptionally hard. The country following the Nov. 15 resignation of Manuel prosecution of under-the-table payments is both fighting and crying.” Merino, whose presidency lasted just five days by companies to politicians—a practice, before he resigned amid deadly protests. The entrenched for centuries, that had cata- protests, in which as least two people have lyzed the prosecution of all four presidents EDITOR’S NOTE: More commentary on been killed, erupted after lawmakers swiftly elected since 2001 and scores of additional Peru’s political crisis appears in the Nov. 17 removed President Martín Vizcarra from authorities. Many legislators feared an end issue of the Dialogue’s daily Latin America office on Nov. 9. Sagasti was sworn in as the to their own immunity from prosecution. Advisor. president of Congress and shortly afterwards, Other legislators have personal stakes in he reached the required majority vote in order for-profit universities, which are threatened to become president, leading to applause in

NEWS BRIEFS the chamber, the Associated Press reported. are highly respected professionals who rep- Sagasti won the votes of 97 lawmakers, with resent the very best of Latin America and the Leftist Argentine Senators just 26 voting against him, CNN reported. “We Caribbean,” Claver-Carone said in a statement. will do everything possible to return hope to The candidates’ approval by the Inter-American Demand Concessions the people and show them they can trust in Development Bank’s 14-member board ended From Int’l Monetary Fund us,” Sagasti said, the AP reported. Sagasti and weeks of delays due to opposition by Mexico A group of leftist Argentine senators loyal to members of his Purple Party bloc were among and Argentina, Reuters reported. Claver- Cristina Fernández de Kirchner, a former pres- only 19 of 130 legislators who voted against re- Carone’s proposal of candidates from smaller ident and current vice president, sent a letter moving Vizcarra from office. A year ago, when countries irritated Mexico and Argentina, to the International Monetary Fund, demanding Sagasti was a candidate for a seat in Congress, the wire service reported. Earlier this month, that the lender refrain from attaching condi- he told the Advisor that the “main contribution” Claver-Carone added De Rosa’s appointment to tions to a new loan program and also publicly of members of Congress “is to behave decently those of the other three, though an Argentine acknowledge its part of the responsibility for and begin the process of restoring public government official said De Rosa was “not affil- the country’s ongoing economic problems, trust in politics.” Sagasti is to serve as interim iated” with the Argentine government. ‘We don’t the Financial Times reported Nov. 16. The president until next July when a new president, believe that cabinet represents governance for senators also pushed for the country to receive elected in April, takes office. Peru has been the region,” the unnamed official told the wire a five-year grace period before repaying a $44 hard-hit by the Covid-19 pandemic, with among service. Argentina and Mexico abstained from billion loan, as well as lower interest rates and the world’s highest per-capita death tolls from the vote to confirm the four candidates, Reu- a repayment schedule spread over decades. the disease, Bloomberg News reported. Its ters reported. The selection of Claver-Carone, a economy contracted 30 percent in the second U.S. citizen, to lead the Inter-American Develop- quarter, the Financial Times reported. The Inter- ment bank caused controversy as it broke an Suriname Asks Creditors national Monetary Fund expects the economy unwritten rule that the bank would always be to contract 13.9 percent this year. headed by someone from Latin America or the for Payment Deferral Caribbean. [Editor’s note: See related Q&A in Suriname’s government has asked creditors the June 25 issue of the daily Latin America to allow a payment deferral on its two bonds, ECONOMIC NEWS Advisor.]. which amount to $675 million, in what analysts say could be a preview of a broader debt restructuring, Reuters reported Monday. In IDB Board Approves Mexico’s President a statement on Saturday, the government of Four Candidates to Submit Legislation new President Chan Santokhi, who took office in July, announced the launch of a consent for Top Positions on Job Outsourcing solicitation for its 2023 and 2026 bonds. The consent solicitation expires on Nov. 23. [Edi- The Inter-American Development Bank Mexican President Andrés Manuel López Obra- tor’s note: See related Q&A in the Aug. 5 issue announced on Nov. 13 that its board had ap- dor on Nov. 12 said he will submit legislation of the daily Latin America Advisor.] proved four top candidates for leadership roles to Congress that would prohibit subcontracting after they were proposed by the institution’s or outsourcing of jobs by private companies new leader, Mauricio Claver-Carone. The board in the country without government authoriza- Opposition Trounces approved Reina Mejía, the chief executive of tion, the Associated Press reported. The bill Citi Honduras, as executive vice president. She would allow subcontract workers to provide Ruling Party in Belize becomes the highest-ranking Latin American “specialized services or carry out specialized Assembly Vote woman ever to serve the institution. The board projects that are not part of a company’s line of also approved former Ecuadorean Finance business” with Labor Department approval. Ad- The opposition People’s United Party, or PUP, Minister Richard Martínez as vice president ditionally, personnel, staffing or temp firms can trounced the ruling United Democratic Party, or for countries and former Paraguayan Finance help private companies recruit, select or train UDP, in Belize’s general election, the country’s Minister Benigno López as vice president for workers, but cannot be listed as their employer, election authorities announced Nov. 12, the sectors and knowledge. Additionally, the board the AP reported. Labor Secretary Luisa María Associated Press reported. The PUP won an approved Gustavo De Rosa, an Argentine who Alcalde said outsourcing hurts workers by al- overwhelming 26 of the 31 seats in the House currently serves as the bank’s chief financial lowing companies to avoid granting benefits to of Representatives, propelling the party’s officer, as vice president for finance and admin- subcontracted employees, Mexican newspaper leader, Johnny Briceño, to the position of prime istration. “Reina, Richard, Benigno and Gustavo Milenio reported. minister.

FEATURED Q&A / Continued from page 3 FINANCIAL SERVICES ADVISOR is published biweekly by the Inter-American Dialogue, Copyright © 2020 administration—justify this deadly action? reduces political space when under pressure The claim that it will reduce the Cuban mili- from the United States and allows more Erik Brand tary’s resources that might somehow assist freedom as relations improve. We witnessed Publisher [email protected] the Maduro government is hardly credible. this when Trump reimposed sanctions that Rather, it is incredible, when you consider Obama had partially lifted. Fragile openings Gene Kuleta Editor that infants will go without milk, mothers [email protected] without medicines and young people without Anastasia Chacón González hope. The Trump administration’s punitive The Trump adminis- Reporter & Associate Editor actions—the latest announced just days tration’s punitive [email protected] before the presidential election—were simply actions ... were simply a ploy to garner Cuban-American votes and a ploy to garner

resources. This, despite the fact that foreign Cuban-American Michael Shifter, President policy should be determined by our national votes and resources.” Rebecca Bill Chavez, Nonresident Senior Fellow interests, not the president’s desire to win — Vicki Huddleston Sergio Bitar, Nonresident Senior Fellow re-election. Yet, this time, Cubans need not Joan Caivano, Senior Advisor despair. President-elect Joe Biden has sug- Michael Camilleri, Director, Rule of Law Program gested that his foreign policy will be based nurtured by improved bilateral relations with- Kevin Casas-Zamora, Nonresident Senior Fellow on empowering the Cuban people. This ered with the reimposition of a hostile policy. Héctor Castro Vizcarra, Nonresident Senior Fellow move is expected to permit much-needed The losers were the Cuban people who lost Julia Dias Leite, Nonresident Senior Fellow remittances, which in addition to feeding the their investments and their businesses as Ariel Fiszbein, Director, Education Program island, will help build small businesses. In sanctions became increasingly damaging. Peter Hakim, President Emeritus addition, we can anticipate the return of peo- By starting early in his administration, Biden Nora Lustig, Nonresident Senior Fellow ple-to-people travel, which promoted private can restore hope and nurture the possibility Margaret Myers, Director, Asia and Latin America Program wealth as families opened restaurants, rent- of democratic change in every one of Cuba’s Manuel Orozco, Senior Fellow ed rooms and offered numerous artistic per- new entrepreneurs.” Xiaoyu Pu, Nonresident Senior Fellow formances for their American visitors. Under Jeffrey Puryear, Senior Fellow a Biden administration, there is a far greater The Advisor welcomes comments on its Q&A Mateo Samper, Nonresident Senior Fellow chance of improved human rights and section. Readers can write editor Gene Kuleta Tamar Solnik, Director, Finance & Administration greater freedoms. The Cuban government at [email protected]. Lisa Viscidi, Director, Energy Program Denisse Yanovich, Director of Development, External Relations & Special Projects

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