On 27 January, FATF-style regional body GAFILAT published the latest follow-up report on Costa Rica.  The original evaluation was in 2015.  As normal, this report does not address Costa Rica’s progress in improving its effectiveness.  The report says that, overall, Costa Rica continues to make significant progress in addressing the technical compliance deficiencies identified in its MER; nevertheless, it has presented deficiencies related to the implementation of requirements arising from the amendments to the FATF Recommendations and the Evaluation Methodology, and therefore has been re-rated as follows: Recommendation15, Non-Compliant (previously Compliant),; additionally, no modifications have been made to Recommendations 2, 5, 7, 8, 18, and 21.  Costa Rica will continue in the enhanced follow-up process and will continue to report to GAFILAT on the progress made to strengthen its implementation of AML/CFT measures.

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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