Colombia

New Documents

Colombia Releases 2018-2022 National Plan (in Spanish)

The government of Colombia released a national plan to strengthen all areas of government, including anti-money laundering and counterterrorist financing processes, for the years covering 2018 to 2022. 

May 9, 2022

Colombia FIU: Latest MER Highlights Advances in AML Regime (in Spanish)

Colombia’s financial intelligence unit underlined in a press release that, due to upgrades in the nation’s anti-money laundering and counterterrorist financing regime, the nation was re-rated on five Financial Action Task Force Recommendations in its latest mutual evacuation report.

May 5, 2022

Colombian Regulators to Collaborate on Fighting ML/TF in Mining Sector

February 9, 2022

GAFILAT Re-Rates AML/CTF Compliance of Colombia in Follow-Up Report

January 25, 2022

Colombian Regulator Releases AML/CTF Reporting Guidance

January 11, 2022

News

Weekly Roundup: US Officials Mull AML Rules for Investment Advisers, Cryptocurrency Remains Top US Enforcement Priority, and More

Puerto Rican bank settles OFAC violations, FDIC tags North Carolina-based savings bank, and more, in the weekly roundup.

May 27, 2022

Weekly Roundup: Barclays Flagged Suspicious UK Campaign Contribution, Mexican Court Favors AML Over Privacy, and More

Erdogan freezes assets of political opponents, U.K. lawmakers demand stronger AML reforms, and more, in the weekly roundup.

May 13, 2022

Legal Brief: AML Watchdog Reassesses Cuba, Colombia and Chile

February 21, 2022

Weekly Roundup: FinCEN Risks Breaching Ownership Database Deadline, Pakistan Accuses India of FATF Meddling, and More

November 5, 2021

Midweek Roundup: FBI Closed Terrorist Financing Section, US Dollar Shortage Paralyzes Afghan Financial System, and More

September 1, 2021

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 : 15 Substantial : 4
Partially Compliant : 10 Moderate : 4
Non-Compliant : 1 Low : 3
Not-Applicable : 1

Colombia's technical compliance was re-rated in a follow-up report on Jan. 25, 2022.

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