Money Laundering: More Suspicious Transactions

In Costa Rica, greater banking control and the increased presence of organized crime explain the 58% increase in suspicious transaction reports in 2018 over 2017.

Monday, March 25, 2019

In the last two years, Suspicious Transaction Reports (SARs) submitted by banks to the Costa Rican Drug Institute (ICD) increased by 58%, from 320 in 2017 to 507 in 2018.

Guillermo Araya, director of the ICD, explained to Nacion.com that "... Evidently, there is a large presence of cash on the streets of Costa Rica (...). The objective of the launderers and drug traffickers is to incorporate the money into the financial system. With this aim they want to penetrate the bank directly or through non-financial professional activities to justify the money."

You may be interested in "Costa Rica: Implications of the Money Laundering Law Reform"

Bernardo Alfaro, General Superintendent of Financial Institutions, said that "... the increases in cases occurred from 2012, because the Financial Action Task Force (FATF) issued new preventive recommendations against money laundering."

Regarding the STR amounts, there was a decrease for the years concerned, as during 2018 the amounts reached $890 million, €14 million and ¢2,405 million, while in 2017 they were $1793 million, €726 million and ¢16,948 million.

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