Reports from Nicaraguan financial institutions or international news outlets

Ortega and Murillo Gain Absolute Power in Nicaragua, Defy Sanctions with New Constitution

Nov 25, 2024, 06:30 PM

Nicaragua's President Daniel Ortega and his wife, Rosario Murillo, have solidified their control over the nation through a constitutional reform that elevates Murillo to the position of 'co-president' and grants the couple absolute power. The reform, approved by loyalist lawmakers, has raised concerns among UN human rights experts about the potential for unchecked control over the population. Additionally, the National Assembly passed a law nullifying foreign sanctions against Ortega, Murillo, their children, and 50 officials, compelling local banks to disregard these sanctions or face penalties, including fines, operation suspensions, or charges of treason. This legislative move, which will officially take effect with the new Constitution in January 2025, is seen as a challenge to the international financial system operating in Nicaragua.