AML/CFT MUTUAL EVALUATION REPORT ON CHILE

On 14 September, GAFILAT, the FATF-style regional body for Latin America, released the MER for Chile, which had been approved at a virtual plenary in July.  The on-site visit took place 6-17 January 2020.  The priority actions identified in MER include –

  • Improved efforts to raise awareness of terrorist financing, with further training etc;
  • Overcome technical deficiencies identified regarding the money laundering and terrorist financing criminal offences.
  • Include dealers in precious metals and stones, lawyers, accountants, and corporate service providers as regulated entities and adopt measures to enhance understanding of risks by such DNFBP in general, but particularly notaries and the real estate sector.
  • Increase the resources of the UAF (i.e. the FIU).
  • Adapt the existing regulatory framework for beneficial ownership, including the obligation for DNFBP to identify it and adopt measures to allow timely access by competent authorities to accurate, adequate, and updated information.
  • Improve the application of effective, proportionate, and dissuasive sanctions against entities that fail to comply with AML/CFT obligations.
  • Adopt the necessary reforms and operational measures to broaden the scope and ensure the prompt implementation of terrorist financing sanctions, including for proliferation financing. Strengthen the effective identification, seizure and confiscation of the proceeds of crime, including their administration and disposal.

The MER concluded that Chile had met 6 FATF Recommendations; mostly met 20; partially met 12, and not met 2.

Chile had previously been placed under the enhanced follow-up process after the adoption of its third round MER in December 2010.  However, in December 2013, it was decided to remove Chile from the process.

https://www.gafilat.org/index.php/es/biblioteca-virtual/gafilat/documentos-de-interes-17/iem-del-gafilat/4111-mutual-evaluation-report-of-chile/file

Also (naturally) in Spanish –

https://www.gafilat.org/index.php/es/biblioteca-virtual/gafilat/documentos-de-interes-17/iem-del-gafilat/4110-informe-de-evaluacio-n-mutua-de-chile/file

The previous 2010 MER is also available at –

https://www.gafilat.org/index.php/es/biblioteca-virtual/miembros/chile/evaluaciones-mutuas-3/90-chile-3ra-ronda-2010/file

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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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