Colombia

New Documents

Colombian FIU Director Meets with US Authorities to Discuss AML, Organized Crime (in Spanish)

Luis Eduardo Llinás Chica, the general director of Colombia’s financial intelligence unit, participated in a high level dialogue with U.S. officials in Washington, D.C., which focused on the fight against financial crimes.

April 5, 2023

Colombia FIU Reveals New Reporting Platform (in Spanish)

Colombia’s Financial Information and Analysis Unit announced the launch of a new platform for the reporting of complaints, claims, suggestions, requests, and reports.

April 5, 2023

Colombia, US Officials Meet to Discuss Drug Trafficking, Corruption (in Spanish)

March 28, 2023

Colombia FIU Visits Brazil to Discuss AML Matters (in Spanish)

March 28, 2023

Colombia FIU Director Announces Conclusion of Washington Trip (in Spanish)

March 7, 2023

News

Midweek Roundup: Turkish Banks Join Russian Payment System, OFAC Targets Cryptocurrency Mixer, and More

Blacklisted Russians disregard Germany’s asset-declaration demand, Belgian diamond companies await banking solution, and more, in the midweek roundup.

August 10, 2022

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

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

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