Costa Rica

New Documents

The Organisation for Economic Co-operation and Development announced the unanimous decision to invite Costa Rica to join the organization upon its signing of an Accession Agreement.

The Financial Action Task Force of Latin America published a Fifth Enhanced Follow-up Report on Costa Rica, noting that the nation has made some improvements with its compliance with the FATF’s Technical Recommendations 22, 28 and 35. However, the progress was not enough to re-rate those scores.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Costa Rica as a major money laundering country. Narcotics trafficking proceeds represent the largest source of laundered assets in the country. Other sources of illicit revenue include human trafficking, financial fraud, corruption and contraband smuggling. The construction and real estate industries remain vulnerable to exploitation by money launderers due to the number of high-value projects and significant foreign investment. A new money laundering vulnerability is campaign finance. Costa Rica's tourist and migrant flows also make it open to bulk cash smuggling. In addition, online gaming and sports enterprises remain a concern.  Costa Rica has know-your-customer and suspicious transaction reporting requirements for the following entities: banks; savings and loan cooperatives; pension funds; insurance companies and intermediaries; money exchangers; securities brokers/dealers; credit issuers and sellers/redeemers of traveler’s checks and money orders; trust administrators; financial intermediaries and asset managers; real estate developers/agents; manufacturers, sellers, and distributors of weapons; art, jewelry, and precious metals dealers; pawnshops; automotive dealers; casinos and electronic gaming entities; non-governmental organizations that receive funds from high-risk jurisdictions; lawyers; notaries public; and accountants. As of September 2019, Costa Rican prosecutors had over 300 open money laundering cases.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 17 High : 0
Largely Compliant : 18 Substantial : 1
Partially Compliant : 4 Moderate : 7
Non-Compliant : 1 Low : 3

Costa Rica's technical compliance was re-rated in a Oct. 4, 2018 follow-up report

BASEL i

Rank : 90/141
Score : 4.76/10

TRANSPARENCY INTERNATIONAL i

Rank : 44/180
Score : 56/100

Tax Justice Network i

Rank : 83/133
Score : 62/100