Colombia Colombia

New Documents

Igarapé Institute: AML in Brazil, Colombia, Peru and Environmental Crimes

Brazil’s Igarapé Institute published a report that analyzes the anti-money laundering systems of Brazil, Colombia and Peru and how well those controls help combat environmental crimes in the Amazon and elsewhere.

April 25, 2024

Colombian FIU Participates in Anti-Human Trafficking Conference (in Spanish)

Luis Eduardo Llinás Chica, the director of Colombia’s financial intelligence unit, participated in the second session of the Interinstitutional Committee to Fight Human Trafficking, which was hosted by the Ministry of the Interior.

April 15, 2024

Colombian FIU Updates e-Learning Course (in Spanish)

March 26, 2024

Colombian FIU Officials Receive Training from FinCEN (in Spanish)

March 12, 2024

Colombia FIU: Online Money Laundering Course Now Available (in Spanish)

February 20, 2024

News

Weekly Roundup: Vietnamese Fraudster Handed Death Sentence, Morgan Stanley Under AML Investigation, and More

U.S. lawmakers target ransomware payments, IRS-CI chief joins Chainalysis, and more, in the weekly roundup.

April 12, 2024

Weekly Roundup: Russian Payment Network Blacklisted, Lloyds Bank Under Investigation, and More

Raiffeisen Bank in court, UAE exits gray list, and more, in the weekly roundup.

February 23, 2024

Weekly Roundup: New York Yanks BitLicense, Tornado Cash Still in Business, and More

January 12, 2024

Midweek Roundup: Chase Settles Epstein Suit, Swiss Banks Face US Sanctions Probe, and More

September 27, 2023

Midweek Roundup: Binance Weighs Russia Exit, Singapore Lenders Implicated in Money Laundering Scandal, and More

August 30, 2023

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 more comprehensive anti-money laundering systems, laundering of illicit proceeds from the illicit drug trade, illegal gold trading, extortion and public corruption continues to be prevalent. Bulk cash smuggling and trade-based money laundering (TBML) are the most common methods utilized by criminal groups to launder illicit proceeds in 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 to launder money include real estate transactions, wire transfers, and remittances. Colombia has enacted customer due diligence and suspicious transaction reporting regulations, including obligations to implement enhanced due diligence (EDD) for politically exposed persons (PEPs), though some covered entities are only only required to apply EDD for domestic PEPs. Additionally, designated non-financial businesses and professions generally have lower level of awareness concerning anti-money laundering and counterterrorist financing requirements.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 13 High : 0
Largely Compliant : 17 Substantial : 4
Partially Compliant : 8 Moderate : 4
Non-Compliant : 1 Low : 3
Not-Applicable : 1

Colombia's technical compliance was re-rated in a follow-up report on Feb. 2, 2023.

BASEL i

Rank : 32/110
Score : 4.64/10

TRANSPARENCY INTERNATIONAL i

Rank : 92/179
Score : 39/100

Tax Justice Network i

Rank : 102/133
Score : 56/100