IMF EVALUATION OF AML/CFT IN COLOMBIA

On 15th November, EIN Newsdesk carried a report from the IMF under its Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for AML/CFT.  The summary says that Colombia has a reasonable understanding of its main domestic AML/CFT risks. The country’s understanding of risks relies particularly on the results of the 2013 and 2016 National Risk Assessments (NRA).  The 2016 NRA has yielded reasonable findings with respect to the identification of the main money laundering threats and vulnerabilities. The AML/CFT supervisory systems and tools are not entirely in line with the risk-based approach (RBA), and there are significant gaps in the supervision of designated non-financial businesses and professions (DNFBP).  Colombia investigates and prosecutes money laundering effectively, but not in a manner that is commensurate with its risks.  The full report is available at –

https://www.einnews.com/pr_news/468422690/colombia-financial-sector-assessment-program-report-on-the-observance-of-standards-and-codes-on-fatf-recommendations-for-anti-money-laundering-and

colombia

https://www.imf.org/en/Publications/CR/Issues/2018/11/15/Colombia-Financial-Sector-Assessment-Program-Detailed-Assessment-Report-on-Anti-Money-46351https://www.imf.org/en/Publications/CR/Issues/2018/11/15/Colombia-Technical-Assistance-Report-Report-on-Sectoral-Financial-Accounts-and-Balance-46320

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s