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

International Monetary Fund

No 2018/315, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; TF risk; ML investigation; asset forfeiture proceeding; TF threat; TF factor; TF offense; CFT policy; CFT regime; CFT obligation; CFT supervision; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Drug trafficking; Proliferation financing (search for similar items in EconPapers)
Pages: 12
Date: 2018-11-15
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