Colombia Colombia

New Documents

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.

The Financial Information and Analysis Unit in Colombia announced that it updated its anti-money laundering e-learning course on Feb. 19, 2024.

Enforcement Actions

0 Items Found


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