Colombia

New Documents

OECD Publishes Phase 3 Report on Colombia’s Foreign Bribery Efforts

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

December 19, 2019

US Secretary of State, President of Colombia Discuss Sanctions Against Maduro Regime

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.

April 17, 2019

GAFILAT Releases Mutual Evaluation Report for Colombia

November 13, 2018

U.S., Colombia, Mexico Attorneys General Issue Declaration on Fight Against Transnational Crime

December 8, 2017

Colombia, UK Sign Double Taxation Convention

November 2, 2016

News

Weekly Roundup: Goldman Inks $4 Billion 1MDB Settlement, Philippine Bankers Suspected of Enabling Wirecard Fraud, and More

Norway flags deficiencies in Danske Bank’s AML program, U.K. seizes Lloyds Bank account linked to ‘Ndrangheta, and more, in the weekly roundup.

July 24, 2020

Midweek Roundup: UK Warns Deutsche Bank, Austrian Lender Goes Bankrupt After Money Laundering Scandal, and More

Portugal may freeze Isabel Dos Santos’ stake in lender, Kremlin blocks Navalny’s bank accounts, and more, in the midweek roundup.

March 4, 2020

Weekly Roundup: Deutsche Bank Denies Holding Trump Tax Returns, Appeals Court Clears Subpoena of President’s Accounting Records, and More

October 11, 2019

Midweek Roundup: Latvia Fines Rigensis Bank, ING’s Belgian Affiliate Hit with AML Penalty, and More

July 17, 2019

Legal Brief: Panama Papers Turned Global Attention Toward Whistleblowers

July 16, 2019

Enforcement Actions

0 Items Found

Key Documents

Colombia Stipulates Certain Suspicious Transaction Reporting Requirements

December 29, 2006

Colombia Establishes Financial Intelligence Unit

August 12, 1999

Colombia Lists Predicate Money Laundering Crimes and Penalties (in Spanish)

July 24, 2000

Colombia Modifies Penalties Related to AML Crimes (in Spanish)

June 24, 2011

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