International Financial Organization Evaluates Costa Rica Money Laundering Vulnerabilities

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    The Costa Rica News (TCRN) – Representatives from the Financial Action Task of Latin America (GAFILAT) are in Costa Rica until January 30 to discuss the work of the institutions to prevent money laundering and terrorist financing.

    GAFILAT will be conducting interviews and visits to institutions that are linked directly or indirectly to the prevention or detection of money laundering crimes and terrorist financing.

    The Deputy Minister of the Presidency on Political Dialogue and Citizen Affairs, Ana Zúñiga, said at a press conference that the process addresses all actors engaged in financial activities in the country, including state and private banks, accountants, lawyers, etc.

    “Costa Rica is facing a mutual evaluation by GAFILAT. President Luis Guillermo Solis said the process, by decree, is of national interest, so all institutions should give it priority,” stated Zúñiga.

    The query will check the vulnerability at borders and checkpoints, for creating legal persons and other contractual arrangements such as trusts.

    It also takes into account the incorporation of new sectors that must observe the rules of money laundering prevention, the role of professional associations, cash management and the emergence of new technologies such as virtual currencies.

    “Isolated efforts in the fight against money laundering and terrorist financing are ineffective. Money of illegal origin moves almost instantly, without limits or boundaries, in order to be incorporated into the national financial system,” said the director of the Costa Rican Drug Institute, Guillermo Araya.

    The results will be presented in July, during the XXXI Plenary GAFILAT 2015 which is headquartered in Costa Rica.

    GAFILAT is an intergovernmental regional organization which brings together 16 Latin American countries to combat money laundering and terrorist financing, through the commitment to continual improvement of national policies. (ACAN-EFE)

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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