On 20th December, FATF published the mutual evaluation report on Colombia’s AML/CFT system following the onsite visit by the local FATF-style body, GAFILAT, in June 2017.  The report says that Colombia has a reasonable understanding of its main domestic ML/TF risks.  The country’s understanding of risks relies particularly on the results of the 2013 and 2016 National Risk Assessments (NRA).  The report makes a number of recommendations as “priority actions”, including –

  • Establishing a mechanism to maintain accurate and updated information on beneficial owners readily available to competent authorities, and it should strengthen its capacity to provide international co-operation on such information;
  • Colombia should widen the scope of the money laundering investigations to extend to cases where the underlying criminal activities are different from drug trafficking, at least to those that have been indicated as a high risk in the NRA;
  • It should require physical and legal persons, not only reporting entities, to implement the UN Resolutions on TF and PF for WMD.




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

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