Paraguay: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2009/234, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses assessment results on the observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Paraguay. The assessment reveals that the substantial U.S. dollar contraband trade that occurs on the borders shared with Argentina and Brazil facilitates money laundering in Paraguay. Achievements in the implementation of Paraguay’s AML framework remain modest since the criminalization of the money laundering offence in 1996. The level of implementation and compliance with respect to the FATF recommendations is low in the financial sector.

Keywords: ISCR; CR; government; Paraguay; Anti-Money Laundering; AML regime; financial institution; offense; AML Law; ML offense; AML regulation; due diligence; AML law; TF offence; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; South America; Middle East (search for similar items in EconPapers)
Pages: 17
Date: 2009-07-31
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