Costa Rica: Sectors Most Susceptible to Money Laundering Identified

There were "few initiatives identified to combat the laundering of proceeds of crimes such as fraud, forgery, tax evasion and product piracy".

Monday, January 25, 2016

The real estate market, construction, legal services and casinos once again appear as the most susceptible to money laundering.

The ruling was made by the Financial Action Task Force for Latin America (Gafilat), which released a report on Anti-Money Laundering measures and Combating the Financing of Terrorism (AML / CFT) put in place in Costa Rica at the time of the site visit (19 the January 30, 2015).

From the Gafilat Report on Costa Rica:

Costa Rica, in general, has a number of legislative tools, policies and structures that allow it to fight against ML / FT. Nevertheless, some technical deficiencies must be addressed in order to ensure a robust AML / CFT system were identified.

Costa Rica has carried out a National Assessment of Risks of Money Laundering and
Terrorist Financing (DR-LA / FT) and in general, Costa Rica has an adequate level of understanding of the risks of money laundering (ML), and there is evidence of development an adequate level of coordination and cooperation shown by the authorities and the private sector.

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More on this topic

Guatemala: What is Lacking in Money Laundering Prevention

November 2016

Gafilat has identified the outstanding tasks needed to bring up to date matters relating to financing terrorism, control of casinos and the inclusion of lawyers in the Mandated Persons category.

The ruling was made by the Financial Action Task Force for Latin America (Gafilat), who released the Mutual Evaluation Report, up to the date of the in situ visit made between November 23 and December 4, 2015.

$4.2 billion Laundered in Costa Rica Per Year

March 2016

The figure is an estimate made by the Intelligence Directorate in Costa Rica released by the US State Department, along with information that indicates a rise in criminal organizations based in the country, and little capacity to combat them.

Money laundering is a criminal activity that handles amounts that are difficult to measure.

Costa Rica's Weaknesses in the Fight Against Money Laundering

October 2015

The country is failing to effectively enforce the rules, resulting in a moderate level of prevention in combating money laundering and terrorist financing.

From the executive summary of the report by the Financial Action Task Force Latin America (Gafilat):

1. This report summarizes the Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF)

Nicaragua Gets Off "Gray List"

March 2015

The Financial Action Task Group has removed Nicaragua from the list of countries that pose risks relating to money laundering and terrorist financing.  

From a press release by The Financial Action Task Force (FATF):

Jurisdictions no Longer Subject to the FATF’s On-Going Global AML/CFT Compliance Process: