Colombia: Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

November 15, 2018

Preview Citation

Format: Chicago

Colombia: Financial Sector Assessment Program-Report on the Observance of Standards and Codes on FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2018) accessed December 21, 2024

Summary

Colombia has a reasonable understanding of its main domestic money laundering/terrorist financing (ML/TF) risks. The country’s understanding of risks relies particularly on the results of the 2013 and 2016 National Risk Assessments (NRAs). • The 2016 NRA has yielded reasonable findings with respect to the identification of the main ML 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 (DNFBPs). • Colombia investigates and prosecutes ML effectively, but not in a manner that is commensurate with its ML risks.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Drug trafficking, Legal support in revenue administration, Proliferation financing, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asset forfeiture proceeding, CFT obligation, CFT policy, CFT regime, CFT supervision, CR, Drug trafficking, ISCR, Legal support in revenue administration, ML investigation, Proliferation financing, TF factor, TF offense, TF risk, TF threat

Publication Details

Pages:

12
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/315
Stock No:

1COLEA2018007
ISBN:

9781484384510
ISSN:

1934-7685

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