Costa_Rica Costa Rica

New Documents

GAFILAT Re-Rates Costa Rica on Three AML/CTF Recommendations

The Latin American Financial Action Task Force published a follow-up report on Costa Rica’s progress on improving its technical compliance with recommended anti-money laundering and counterterrorist financing measures.

February 9, 2024

CoE: Costa Rica Signed Second Cybercrime Convention

The Council of Europe announced a new signatory to the Second Additional Protocol to the Convention on Cybercrime.

June 20, 2022

OECD Report Finds Gaps in Costa Rican Efforts to Combat Foreign Bribery, ML

March 23, 2022

Costa Rica to Join OECD Following Anti-Bribery, Tax Transparency Reforms

May 15, 2020

GAFILAT Reports on Progress Made by Costa Rica in its AML Regime

October 23, 2018

News

Weekly Roundup: Twitter Eyes Payments, China Fines Fintech, and More

Egmont admits Iraqi FIU, Italy investigates Russian embassy payments, and more, in the weekly roundup.

July 7, 2023

Midweek Roundup: Western Nations Impose Sanctions on Russia and Nord Stream 2, Records Show ‘Inside Job’ at Danske Bank Estonia, and More

U.K. fines digital payment processor, U.S. judge suspends ex-Goldman Sachs banker’s trial, and more, in the midweek roundup.

February 23, 2022

Midweek Roundup: Deutsche Bank Probes Trump Private Banker, Investigation Ties Wirecard to ‘Ndrangheta, and More

August 5, 2020

Midweek Roundup: Deutsche Bank Gives Trump Records to US Lawmakers, New York Launches Swedbank Investigation, and More

March 27, 2019

Midweek Roundup: Top Canadian Prosecutor Criticizes AML Rules, Kazakh Father and Son Face Fines in US Money-Laundering Trial, and More

March 28, 2018

Enforcement Actions

0 Items Found

Key Documents

Costa Rica Mandates CDD, Transaction Reporting for Financial Institutions (in Spanish)

September 20, 2012

Costa Rica Requires SAR Reporting, Forbids Anonymous Bank Accounts (in Spanish)

September 20, 2012

Costa Rica Prohibits Terrorist Financing (in Spanish)

March 16, 2009

Important Facts

  • The U.S. State Department labels Costa Rica as a major money laundering country. Narcotics trafficking proceeds continue to represent the largest source of laundered assets in the country. Construction, real estate, and hotel industries, as well as campaign financing remain areas of concern for money laundering. Significant tourist and migrant flows make Costa Rica airports and border crossings sites for bulk cash smuggling. In addition, online gaming and sportsbook enterprises remain a concern. Costa Rica has customer due diligence and suspicious transaction reporting requirements, and the country's fiscal fraud law provides for disclosure of beneficial owners. As of the publication of the State Department's report, Costa Rica's Special Prosecutor’s Office for Money Laundering had 130 open money laundering cases. There have also been four convictions for money laundering in the country since September 2019.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 17 High : 0
Largely Compliant : 20 Substantial : 1
Partially Compliant : 2 Moderate : 7
Non-Compliant : 1 Low : 3

Costa Rica's technical compliance was re-rated in a Feb. 2, 2023 follow-up report

BASEL i

Rank : 37/110
Score : 4.74/10

TRANSPARENCY INTERNATIONAL i

Rank : 42/179
Score : 57/100

Tax Justice Network i

Rank : 83/133
Score : 62/100