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

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

U.K. orders banks to tighten scrutiny of Afghan transactions, FATF criticizes Japan’s infrequent prosecutions against financial criminals, and more, in the midweek roundup.

September 1, 2021

Midweek Roundup: Latvia Finds No Evidence of ABLV Bribes, Turkish Lender Wants US Case Dismissal, and More

IMF wants Philippine AML regulator to stop operating state-owned casinos, Swiss authorities identify suspicious payments from Lebanon’s central bank, and more, in the midweek roundup.

April 14, 2021

Midweek Roundup: JPMorgan AML Officer Helped Hide Corrupt Payments, ABN Amro Under Investigation, and More

March 17, 2021

Weekly Roundup: Goldman Sachs Settles 1MDB Charges, Taiwanese Lender in US Sanctions Evasion Probe, and More

October 23, 2020

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

July 24, 2020

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

BASEL i

Rank : 95/141
Score : 4.62/10

TRANSPARENCY INTERNATIONAL i

Rank : 92/179
Score : 39/100

Tax Justice Network i

Rank : 102/133
Score : 56/100