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.
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.
Banks must report to the Institute on Drugs any financial transactions that do not correspond to a tax return.
A decree by the Solis administration amends the regulations of Act 8204 against drug trafficking, related activities, money laundering, financing of terrorism and organized crime.
Entrepreneurs who do business overseas could see their commercial operations affected if the country is included in the list of non cooperative nations in the fight against money laundering and terrorism financing.
EDITORIAL
The demonstrated difficulty of the Solis administration in governing, understood as the management of conflicts between different sectors of the population, makes it difficult to be optimistic and believe that it eill be able to approve, before July 15th, the laws against money laundering and terrorism financing, which would prevent the country from being included in the list of non-cooperative countries on these issues.
Life in Mexico is becoming uncomfortable for drug traffickers who find it easy to install themselves and continue their operations in Costa Rica.
According to the Costa Rican Drug Institute (ICD), the confiscation of cocaine rose from 3 thousand tons in 2002 to more than 32 thousand tons in 2007, and this does not appear to be due to increased efficiency of the authorities responsible for traffic enforcement, but merely that Costa Rica has become the passage route by air, sea and land for the drug to United States. It is estimated that the relationship between drugs captured and the total traffic through the country is 1:10.
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