Bolivia

New Documents

Gafisud Congratulates Bolivia on Improvements to its AML Regime (in Spanish)

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.

March 12, 2013

Bolivia Establishes Asset Freezing Mechanisms for Funds Tied to Terrorism (in Spanish)

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.

July 30, 2012

Bolivia Stipulates Cross-Border Cash Transaction Controls (in Spanish)

May 2, 2012

Bolivia Outlines Penalties for Non-Compliance of AML Standards (in Spanish)

May 2, 2012

Bolivia Criminalizes Terrorist Financing (in Spanish)

September 9, 2011

News

Weekly Roundup: EU Nations Oppose Single AML Agency, Hong Kong Bill Carries Penalties for Banks, and More

Justice Department warns pandemic may slow corporate investigations, Chinese national accused of fraudulent COVID-19 loan applications, and more, in the weekly roundup.

May 22, 2020

Midweek Roundup: Manafort Denies Laundering Money, Brexit Imperils 75,000 UK Finance Jobs, and More

Bermuda law firm suspected of enabling tax evasion, Qatar to stop terrorist financing through money remitters, and more, in the midweek roundup.

November 1, 2017

Midweek Roundup: Singapore Penalizes Banks for 1MDB Breaches, Deutsche Bank Fined by US Federal Reserve, and More

May 31, 2017

Look to Human-Trafficking Red Flags to Spot Illegal Gold-Mining Payments: Expert

October 24, 2016

Midweek Roundup: New York to Question Promontory Over Standard Chartered Work, JPMorgan Hackers Linked to Bitcoin Case, and More

July 22, 2015

Enforcement Actions

0 Items Found

Key Documents

Bolivia Adds Money Laundering Provision to Penal Code (in Spanish)

March 10, 1997

Bolivia Issues Law to Combat Corruption, Money Laundering (in Spanish)

March 10, 2010

Bolivia Criminalizes Terrorist Financing (in Spanish)

September 9, 2011

Bolivia Establishes Asset Freezing Mechanisms for Funds Tied to Terrorism (in Spanish)

July 30, 2012

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, illegal gold mining, smuggled goods, corruption and informal currency exchanges. Criminal proceeds laundered in Bolivia are also 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. A lack of personnel at the financial intelligence unit, in addition to inadequate resources and weakness in the legal and regulatory framework, have limited enforcement effectiveness. 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: 2021 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 : 124/179
Score : 31/100

Tax Justice Network i

Rank : 91/133
Score : 79/100