Bolivia

New Documents

The Financial Action Task Force on Money Laundering in South America highlighted improvements in Bolivia’s anti-money laundering regime, which removed the nation from the Financial Action Task Force’s Public Statement list of jurisdictions.

The government of Bolivia approved Law No. 262, which establishes freezing mechanisms for funds and other assets tied to acts of terrorism or terrorist financing. It also creates and establishes the National Council Against the Legalization of Illicit Funds and Terrorist Financing.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department labels Bolivia as a major money laundering jurisdiction. Illicit financial activities in the country are related primarily to cocaine trafficking, smuggled goods, corruption and informal currency exchanges. Criminal proceeds laundered in Bolivia are often derived from smuggling contraband and from the foreign and domestic drug trade. The country suffers from a lack of well-trained prosecutors and police officers, resulting in ineffective criminal investigations. In addition, the justice system is hindered by corruption and political interference, both of which impede the fight against narcotics-related money laundering. Bolivia has know your customer (KYC) regulations, including photo identification requirements. Financial intermediaries must register this information into their systems, regardless of the transaction amount or whether the transaction is a deposit or a withdrawal. Private banks must also follow KYC international standards.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 4 Substantial :
Partially Compliant : 27 Moderate :
Non-Compliant : 17 Low :

BASEL i

Rank : 31/141
Score : 6.2/10

TRANSPARENCY INTERNATIONAL i

Rank : 123/180
Score : 31/100

Tax Justice Network i

Rank : 91/133
Score : 79/100