Colombia

New Documents

The Organisation for Economic Co-operation and Development published its Phase 3 report on Colombia’s effort to implement the OECD Anti-Bribery Convention.

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.

News

Enforcement Actions

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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 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 : 96/180
Score : 37/100

Tax Justice Network i

Rank : 102/133
Score : 56/100