Paraguay: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, July 31, 2009
Source details
- Canonical URL
- Paraguay: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
Other formats
Bibliographic details
- Published: July 31, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832600.002
Executive summary and key findings
- The detailed assessment reveals significant gaps in Paraguay’s AML/CFT framework.
- The level of awareness of money laundering/financing of terror risks is low in both the public and private sectors.
- Paraguay falls well short of complying with most of the Financial Action Task Force recommendations.
- There are no provisions that would allow the authorities to freeze suspected terrorist assets in accordance with the relevant UN Security Council Resolutions.
Main substantive conclusions
- Legal and regulatory framework:
- Significant shortcomings exist across the AML/CFT legal and regulatory framework compared with international standards.
- No provisions permit freezing of suspected terrorist assets in line with relevant UN Security Council Resolutions.
- Institutional capacity and implementation:
- Low awareness of money laundering and terrorism financing risks among public-sector institutions.
- Low awareness of money laundering and terrorism financing risks among private-sector entities.
- Compliance with international standards:
- The country does not meet most Financial Action Task Force recommendations.
Policy implications and recommendations (implied by findings)
- Strengthen the AML/CFT legal framework to address identified gaps and align with Financial Action Task Force recommendations.
- Implement provisions enabling the freezing of suspected terrorist assets in accordance with relevant UN Security Council Resolutions.
- Increase awareness and capacity-building efforts on money laundering and terrorism financing risks across public institutions and private-sector entities.
- Enhance institutional coordination and enforcement to improve effective implementation of AML/CFT measures.