Colombia

New Documents

The Organisation for Economic Co-operation and Development published its Phase 3 report on Colombia’s effort to implement the OECD Anti-Bribery Convention.

U.S. Secretary of State Mike Pompeo and President of Colombia Ivan Duque issued remarks focusing on cooperation between the two countries and their efforts to end the activities of the Nicolas Maduro regime in Venezuela, including through financial and other sanctions.

News

Enforcement Actions

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Important Facts

  • The U.S. State Department labels Colombia as a major money laundering country. Despite having one of Latin America’s most rigorous anti-money laundering systems, extortion, the illicit drug trade, illegal mining and corruption continues to penetrate Colombia’s economy and affect financial institutions. Bulk cash smuggling and trade-based money laundering (TBML) are most commonly utilized by criminal groups to repatriate illicit proceeds to Colombia. TBML frequently involves invoice-related fraud to enable transactions. Criminal organizations also use trade of counterfeit items, as well as the non-bank financial system to launder illicit money. Other methods used by criminals include: real estate transactions; wire transfers; remittances; casinos, gaming, and lotteries; transactions surrounding cattle; illegal mining; prepaid debit cards; and the use of cryptocurrency. The State Department also notes that counterfeit and smuggled goods are readily available in black markets in most major cities in Colombia, with proceeds from the sales of these goods directly benefiting criminal enterprises. Colombia has enacted customer due diligence and suspicious transaction reporting regulations, including obligations to implement enhanced due diligence for politically exposed persons  (PEPs), though only domestic PEPs covered by the requirements in some cases.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 14 Substantial : 4
Partially Compliant : 15 Moderate : 4
Non-Compliant : 1 Low : 3
Not-Applicable : 1

BASEL i

Rank : 43/125
Score : 5.83/10

TRANSPARENCY INTERNATIONAL i

Rank : 96/180
Score : 37/100

Tax Justice Network i

Rank : 102/133
Score : 56/100