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

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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 : 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 : 42/179
Score : 57/100

Tax Justice Network i

Rank : 83/133
Score : 62/100